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03-28-2018 Planning Commission Packet
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03-28-2018 Planning Commission Packet
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Appendix A <br />Project Description <br />Currently under consideration for the City is the purchase of land for future redevelopment north of Little <br />Canada Road using tax increment financing and land sale proceeds. The City intends to use the tax increments <br />from the senior assisted living apartment complex and land sale proceeds to acquire property and/or construct <br />infrastructure for redevelopment purposes in the tax increment financing district. Either general obligation <br />tax increment bonds or interfund loans repaid from tax increments or other available funds are contemplated <br />to purchase land and/or construct infrastructure. Additional redevelopment on the remaining parcels is <br />expected to occur over time which may include reimbursement to the developer for eligible expenses incurred <br />in such redevelopment. Any eligible expenses will be financed by a pay-as-you-go note or an interfund loan <br />for expenses incurred prior to receipt of tax increments. <br />Appendix A-1
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