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• 3. PROSPECT SUBSIDY EVALUATION <br />• <br />• <br />2003 REVIEW.• <br />PURPOSE: <br />Regular review and evaluation the City's financing program <br />as part of long range economic development planning to <br />optimize the use of tax increment financing and other funding <br />sources. <br />TIME FRAME: Annual <br />ASSIGNED TO: Finance Director /Economic Development Assistant <br />STRATEGY: <br />1. Reevaluate the city's TIF policy to ensure it is compatible with <br />the city's goals and objectives. <br />2. Prioritize the potential uses for business subsidies to ensure <br />that the city's financial tools and limited resources are <br />resulting in the highest potential development. <br />3. Continue public education regarding the appropriate use of <br />financial tools to encourage development, the long -term <br />benefits of city participation in commercial /industrial growth, <br />and the need to ensure financial stability through a broad tax <br />base that is less dependent on residential taxes. <br />PROJECTED RESULTS: <br />An ongoing evaluation of current and future uses business <br />subsidies will promote development within the City in a manner <br />that most effectively benefits the city's tax base. <br />12 <br />