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<br />A SUB HAZARDOUS TIF DISTRICT. I UNDERSTAND THIS IS <br />EXPECTED TO BE ABOUT $4 MILLION, BASED ON THEIR LAST <br />FINANCIAL FORECAST. <br /> <br />CURRENT CITY TIF POLICIES ONLY PERMIT A MAXIMUM <br />PERIOD OF 12 YEARS OF TIF FINANCING, WHEREAS THIS <br />PROJECT IS ASSUMING 25 YEARS. THE REASON FOR THE 12 <br />YEAR LIMIT IS THAT IF ALL THE INCRESED TAX BENEFITS GO <br />TO THE DEVELOPERS FOR TWENTY FIVE YEARS, THE PRESENT <br />VALUE OF ANY FUTURE TAX INCREASE IS NEGLIGABLE. <br /> <br />I WOULD ARGUE, AS DID SENATOR MARTY, THAT EVEN <br />THE CLEANUP OF CONTAMINATED SOILS IS THE <br />RESPONSIBILITY OF THE LAND OWNERS, AND NOT THE <br />PUBLIC'S OBLIGATION. <br /> <br />THERE ARE PROCEDURES AVAILABLE TO FORCE CLEAN <br />UP IF IT IS SERIOUS ENOUGH. IF IT IS NOT, CURRENT LAND <br />OWNERS SHOULD EITHER PAY FOR THE CLEAN UP, OR ACCEPT <br />A REDUCED PRICE FOR THEIR LAND TO COVER THE COST OF <br />CLEAN UP. <br /> <br />THIS IS NOT AN URGENT NEED. CONTAMINATION THAT <br />WE KNOW OF THAT CAN BE CURED IS PRIMARILY OIL SPILLS, <br />AND THEY ARE BIODEGRADABLE AND TAKE CARE OF <br />THEMSELVES IN TIME. <br /> <br />2 <br />