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WHY SPECIAL LEGISLATIONIS NECESSARY: <br />The City's existing Tax Increment Financing District No. 11 expires in 2014. E�Ven if all the <br />parcels were redeveloped in 2004, there is not sufficient time to generate the t�ac 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 />increment district, thereby creating a situation where only a portion of the new redevelopment is <br />within the existing tax increment district. Twin Lakes Redevelopment .�r�ea is a large <br />Brownfield project that will begin redevelopment in 2004-05; however, compl�etion of the <br />redevelopment may take 10 to 15 years as some parcels are more environt�entally and <br />economically challenging. <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 associ�ted with the <br />Twin Lakes Redevelopment Area. <br />'•'•�'x�oci�u¢mmdr�'ol�r.e.elgLanuir.��lu�-v�gfiiesti32�-3�d4•_;333_Iwinlelcesrv�eu+cd�an'au�hrnen�a -explanationofspediallegislation.doc <br />� <br />