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<br /> <br />The City's existing Tax Increment Financing District No. 11 expires 2014. Even if all the <br />parcels were redeveloped in 2004, there is not sufficient time to generate the tax increment <br />necessary to fill the financial gaps in the proposed project. In addition, much of the new <br />housing, medical office and retail redevelopment will overlap parcels in the existing tax <br />mcrement district, thereby creating a situation where only a portion of the new redevelopment is <br />within the existing tax increment district. Twin Lakes Redevelopment Area is a large <br />Brownfield project that will begin redevelopment in 2004-05; however, completion of the <br />redevelopment may take 10 to 15 years as some parcels are more environmentally and <br />economically challenging. <br /> <br />In order to provide a competitive environment for redevelopment, the special legislation is <br />necessary to finance typical Brownfield redevelopment costs such as those associated with the <br />Twin Lakes Redevelopment Area. <br /> <br />\\Victoria\commdev\planning_zoning\planning files\3200-3249\3232_twinlakesrenewedplan\attachment a - explanation of speciallegislation.doc <br /> <br />2 <br />