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Hnancing 3,0 3.1 Due to the high costs of redevelopment(property purchase price, demolition, grading, � P and pond in g) City nancial assistance will be required to enable the project to be � financially feasible for the developer. 3.2 The current assessor market value is$957,100 for an estimated$35,000 in taxes. The purchase price of the properties is estimated at million with approximately$135,000 P in demolition, environmental testing and survey costs. 3.3 staff estimated that proposed osed uses would have an assessed value of 4.8 million and P generate$215,000 in taxes. Therefore,there would be $108,000 in tax increment less fiscal cal dis p arities that could be applied to the project. 1 application has been submitted for tax increment assistance it has �.� Although no farina been discussed th at approximately roximatel 15 years of increment, or 1.6 million, would be required in tax increment assistance to make the project work as proposed. Further financial analysis will be required an the project upon receipt of a tax Metalled financ }� increment finance application. 4.0 Issued to Consider 4.1 Existing uses (Bingo)—Due to the existing Bingo operation, care will need to be taken to ' consider the continued ued use of the Bingo in Roseville at another more appropriate location. One alternat ive would be to evaluate locating the Bingo at Harnline Retail Center on Hamlrne Avenue between County Road C and C2. Currently there is adequate space available at the Center. 4.2 Potential impact(opportunities)with the park and James Addition Neighborhood. In previous discussions with the Council and the Janes Addition Neighborhood any redevelopment of the area would need to evaluate the potential impact on the single od and the City ark, especially traffic, noise, drainage, and visual family neighborhood � impacts. Oakcre st at Fairview would need upgrading, currently scheduled for year 2000 in the CIP. The office building, as ildin currently proposed) would provide a neighborhhood buffer frorn �p the retail use and parking.. The office building would have to be architecturally designed with a residential character+ An office building's peak traffic time is during the day on weekdays which should have minimal impact on the neighborhood. The building and parking would also rc uire a proper er landscaped buffer from the park. As an opportunity, there may be excess parking available on the weekend for park activities and the daytime P g workers in the office building would have the benefit of a parr next door. The specialty retail use, possibly a bookstore with a coffee/ice cream shop, could be an enhancement t o the park. In summer, parents and children would benefit from a place PF2889-RCD (01/20/99) -Page 2 of 3