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<br />City Council Study Session - 05/17/04 <br />Minutes - Page 10 <br /> <br />philosophy. <br /> <br />Various financial tools were discussed, with the peculiar <br />mechanics related to each, including, tax increment financing <br />and its relationship to fiscal disparities contributions within or <br />without tax increment districts; tax abatement; eminent domain <br />with an emphasis on a fair purchase price between the buyer and <br />seller to facilitate site control in multi-parcel owner <br />redevelopment projects. <br /> <br />Further items presented and discussed included market <br />considerations; amount of assistance; and leverage; as well as <br />pay-as-you-go, general obligation bonds, revenue bonds, tax <br />increment financing bonds, tax abatement bonds, tax exempt <br />financing, utility financing, special assessment bonds; and the <br />need to align financing tools to meet the project needs and <br />consideration of the pros and cons of the specific bonding and <br />financing tools available for the City' and/or developer's use. <br /> <br />More detailed information was provided to Councilmembers as <br />bench handouts for their later perusal. <br /> <br />Discussion items among Councilmembers and the presentation <br />panel related to items to consider as the City Council made <br />policy decisions and choices over the next few months included, <br />complexity of various financing tools (i.e., tax increment <br />financing); value and impacts of redeveloping the Twin Lakes <br />area and spreading a portion of the cost over the City's entire tax <br />base; fiscal disparities contribution calculations within and <br />without a specific tax increment financing district applied to <br />commercial/industrial properties added after 1971; applicable <br />legislation and changes in legislative policy-makers; <br />compression of tax rates; and extension of a tax increment <br />district beyond its initial term; caps for tax abatement. <br /> <br />Further discussion included policy decisions related to use of <br />public dollars to facilitate redevelopment projects, (i.e., <br />identifiable costs and/or number of years assistance will be <br />provided); statutory considerations related to City and Housing <br />and Redevelopment Authority powers and contributions; chain <br />of title implications on blighted or potentially-blighted sites, with <br />