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<br />City Council Study Session - 07/19/04 <br />Minutes - Page 14 <br /> <br />Mr. Miller responded that it gave cities greater control on how to <br />provide redevelopment assistance and allowed them to determine <br />if the redevelopment was a benefit only to the district or to the <br />entire city as a whole. <br /> <br />Councilmember Maschka sought clarification on the operation of <br />spreading distribution. <br /> <br />Mr. Miller advised that staff could provide some scenarios for <br />the Council's review, depending on the development proposal <br />brought forward, noting a minimal impact on residential <br />property, with commercial property showing more impact. <br /> <br />Economic Development Attorney Jim Casserly noted that more <br />detailed information on this tool would be provided during their <br />presentation, with an exact analysis provided. <br /> <br />Mr. Miller advised that Councilmembers would need to look at <br />impacts from several perspectives (i.e., cash flow and financial <br />gap strategies). <br /> <br />Councilmember Maschka noted that both philosophical and <br />financial policies were impacted. <br /> <br />Further discussion ensued related to fiscal disparities, new <br />development and distribution of taxes; and involvement of <br />commercial/industrial properties only, not residential properties. <br /> <br />City Economic Development Attorney Jim Casserly clarified <br />provisions of the Tax Increment Financing Act from its inception <br />and state levying of property taxes and impacts. <br /> <br />Further discussion ensued regarding options available to the City <br />and terms applicable. <br /> <br />Policy #5 <br />Mr. Miller noted that the proposed Twin Lakes Redevelopment <br />area is very large in comparison to past proj ects undertaken by <br />the City; creating a question for Council consideration related to <br />use of TIF for a much greater extent than the City ever has <br />