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�� a � Memo To: From: c�ri co��l �� Neal Beets, City M �ef Chris Miller, �'Mtt�t�� i�to �� Date: May 17,2004 Re: Report on Redevelopment and Financing Tools Study Date: OS/17/04 Item: 7. Financing Tools for Development & Redevelopment Background Over the next year, the City is expected to consider various development proposals within the Twin Lakes and other redevelopment areas. In Twin Lakes, the size and scope of these proposals will be sizeable and will likely entail a complex financing plan. It's highly likely that any development proposal for Twin Lakes will include a request for public financing assistance. To ensure that the Council is fully prepared to evaluate these requests, Staff has commissioned a panel of advisors to prepare an overview of the various public financing options and strategies. Over the past several months, Springsted, the City's financial advisors, along with assistance from Briggs & Morgan and Krass Monroe, the City's bond counsel and development attorney respectively, has been developing an overview of redevelopment and financing tools. A conv �f the re�ort is attached. Redevelopment and Financing Tools Report This Report is designed to give the Council not only an overview of the various public financing assistance options, but also outlines the risk/reward relationships involved. In addition, the study also identifies the types of questions that should be asked when determining the appropriate level of public assistance. The Report should serve as a management tool for all development projects, but is primarily focused on the Twin Lakes RedevelopmentArea, and projects of similar magnitude. Scheduled Presentation At the May 17, 2004 Council Study Session, Springsted will lead a prepared 30-40 minute presentation at the worksession. In addition, the City's bond counsel and development attorney will also be present to help answer any questions the Council may have.