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� '� � � <br />* �� <br />Memo <br />To: Mayor and City Council <br />Neal Beets, City Manager <br />From: Chris Miller, Dennis Welsch, and Cathy Bennett <br />Date: July 19,2004 <br />Date: 07/19/04 <br />Item: 7. <br />Twin Lakes Redevelopment <br />Discussion of City Policies <br />Re: Consider Various Policies Related to Redevelopment and Financing Assistance for the Twin <br />Lakes Redevelopment Area <br />Introduction <br />On May 17, 2004, the City Council received a report and presentation from Springsted that <br />addressed the various redevelopment and public assistance tools and concepts that are available <br />for redevelopment purposes, specifically in Twin Lakes. At the conclusion of the discussion, the <br />Council directed Staff to summarize the policy issues that were raised, and to make a <br />presentation that would frame up the policy discussion. <br />The policy issues identified by Staff can largely be categorized in two ways; 1) General policy <br />issues that are ideological in nature, and 2) Financial policy issues that are more quantitative in <br />nature. These issues are identified below. <br />General Policy Issues <br />1) Fulfilling goals, objectives, and unmet needs — does the public assistance fulfill the City's <br />goals, objectives, and needs? <br />2) When to use redevelopment assistance — under what circumstances? <br />3) Using eminent domain — when, and under what circumstances? <br />Financial Policy Issues <br />4) Fiscal Disparities — inside the district or out? Taking it outside is a change in current <br />policy. If taken outside, how much in additional taxes to properties outside the district is <br />the City willing to spread? $20 annually per property? $30? <br />5) Use of Tax Increment Finance: Duration of the TIF District and Issuing TIF Bonds. <br />6) Funding Twin Lakes Parkway outside the district, and with which sources? Why or why <br />not? <br />7) Assessments — who pays for what? <br />Each of these issues is explained in greater detail below. In addition, the following appendices <br />are also included: <br />a) Debt Management Policies <br />b) Tax Increment Financing Policies <br />c) Economic section of the Comprehensive Plan <br />