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South Be 4d Redevelopment Commission <br />Regular 1e eting - January 18, 1980 <br />Mr. Ellison continues.... <br />we h ve a number of items that we are <br />jugg ing that have not yet been settled. <br />Mr. McKnight: Obviously the amendments have <br />to clear the legislature in the session for <br />all of this to come to pass. What happens <br />if it. doesn't? <br />Mr. Ellison: Mr. McKnight, tax incremental <br />financing is not the only financing vehicle <br />we are looking at for Century Mall. We never <br />indicated that it would be the only one. We <br />might wind up doing a phased project that <br />woul involve UDAG financing. We might even <br />want to use other bonds that pass before the <br />Commission. We may find that there are <br />additional Federal resources we have not <br />tried. Anything is possible. <br />Mr. McKnight: In other words, if the legis- <br />lature does fail to act, you will remain on <br />schedule with the exception that you have <br />just mentioned for demolition? <br />Mr. Ellison: We are in a very vulnerable <br />situation where things keep changing. <br />Tax incremental financing is a very impor- <br />tant tool to cities that want to be very <br />aggr ssive in trying to assure that <br />development that is good for the community <br />takes place. I would think that the City <br />would have an interest in continuing to <br />provide some leadership statewide to assure <br />that we do make possible tax incremental <br />financing, even if that takes us four <br />years. However, we have no reason to <br />believe the legislature is not going to <br />pass the amendment so as to allow the use <br />of that method of financing. <br />Mr. imtz: We have had discussions with <br />the legislature in previous sessions on <br />this matter. There are other cities <br />interested in this besides us. We have <br />good cooperation from some of the other <br />citi s in the State. <br />-13- <br />