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2004_0329_Packet
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2004_0329_Packet
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Final Comments <br />To summarize the financial concerns: <br />❑ The proforma assumes an unprecedented amount of financing assistance, including $50 <br />million in TIF. <br />❑ Even with $50 million in TIF, the project still shows a financing gap of $75 million. <br />❑ The "gap strategies" require significant changes in City policy and past practices. <br />❑ TIF Bonds, condemnation, and the "gap strategies" create significant fmancial risk to <br />the City. <br />These concerns should be considered in the conte� of what potential benefits are derived if the <br />Twin Lakes area is redeveloped. Successful cities make considerable effort to assess the <br />risk/reward relationship that e�sts with redevelopment proj ects, and the potential financing tools <br />that are available. <br />City Staff, along with assistance from the City's advisors including; Springsted, Krass Monroe, <br />and Briggs & Morgan, are in the process of developing a guide of economic development and <br />financing tools. Within the ne� month, a presentation will be made before the Council that will <br />not only include an overview of the available tools, but as importantly, help guide the Council in <br />their decision-making process and in striking a balance between the risks and rewards that are <br />associated with redevelopment. <br />The Council may want to consider whether this joint-presentation should precede any further <br />decisions involving development rights, financial analyses, etc. for the Twin Lakes <br />Redevelopment Proj ect. <br />[Attachments — Twin Lakes ProformaJ <br />� <br />
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