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projections of TIF revenue, and taking into account existing tax base lost in the redevelopment <br />process, it is estimated that this will translate into a total dollar amount of $2 to $2.5 million <br />dollars. However, the projects assessed market value, local real estate market, and legislative <br />changes to the existing property tax system are just a few of the variables that could positively or <br />negatively influence the amount of increment generated by the project. <br /> <br />If the appropriate amendments to the TIF Plans are adopted, a “Development Assistance <br />Agreement” outlining the specific terms of the TIF assistance could then be presented for <br />consideration. This could take place at the last meeting Council meeting in August, or the first <br />Council meeting in September. <br /> <br />Since a copy of the proposed modifications were provided in conjunction with last week’s Work <br />Session Item #3, another copy was not included for this week’s packet. Should anyone need <br />another copy, feel free to contact me. Finally, Resolution No. 5455, Approving Economic <br />Development Project and Tax Increment Financing Plan Amendments, has been included for <br />your review.” <br /> <br />Necessary Actions: <br /> <br />Hold a Public Hearing and Consider Resolution 5455 Approving Economic Development Project and <br />Tax Increment Financing Plan Amendments. <br /> <br /> <br /> <br />______________________________________ <br />Aaron Parrish, Economic Development Coordinator <br />(763) 717-4029 <br /> <br /> <br />Attachment #1: Resolution No. 5455 Approving Economic Development Project and Tax <br />Increment Financing Amendments <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />N:\DATA\GROUPS\ECONDEV\COUNCIL\Staff Reports\Staff 00\08-14 Item 10C.doc <br />