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ROSEVILLE PLANNING COMMISSION page# 2 Wednesday, March 7, 1990 Because of legislative intent modification of Tax Increment Finance Districts 1-10 is necessary. Johnson questioned if this could be defined as abuse of tax increment financing. Waldron replied that some legislators may define it as such, but pooling is just a method of planning ahead. Funds have always been pooled in the past to provide financial flexibility. DeBenedet commented that there are proj ects for which the City wants to use TIF but until now, they have only been identified in a general manner. Waldron stated that no specific proj ect plans are proposed but the City needs to provide the flexibility for future projects. stokes questioned if the tax increment finance district was supposed to create unencumbered funds. Waldron commented that in future years, surplus should occur. Stokes questioned if the Commission could move forward regardless of legislative activity. Waldron replied that the effective date on new legislation is in April or May. Goedeke questioned what amount of increase is being recommended. Waldron replied that 1-10 includes $57 million in additional funding. Johnson commented that the modification provides the ability to address future development. Johnson commented that other municipalities are improving their 35W corridor and because 35W is a very important entrance into the community, the city should have as many financial tools as possible. Stokes stated that these are tax payers dollars. commented that these districts should be able to stand own and have the developer take the risks. Stokes said like to see some feedback from the school districts. stokes on their he would Johnson requested that Mr. Waldron review the fundamentals of tax increment financing for the Planning commission.