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14 2.2 Council approved the Planned Unit Development on March 10, 1 998. The redevelopment of Roseville Shopping Center and collaboration with the private sector to assist in redevelopment funding is consistent with the City's Comprehensive Plan and commerciahindustrial policies. 2.3 Bradley purchased the Roseville Shopping Center in January 1997. As a company policy, each individual Bradley owned shopping center must be financially self-sufficient. The current leases, which were inherited by Bradley through the purchase, make it difficult to generate enough cash flow to complete all of the improvements at one time. According to Bradley they need Taco Bell as an addition to the center to make the interior and exterior improvements to the existing center. They also need additional assistance to complete the improvements which were required by the City as part of the PDD process and La rpenteu r Avenue Street Design Plan. 2.4 With the additional lease revenue generated by Taco Bell, Bradley is able to internally ingest approximately $300,000 in the Center. The budget for the Roseville center interior and exterior improvements exceeds $600,000. This leaves a gap of$300,000 of which $171,292 are associated with the enhancements for parking, site work, retaining gall, landscaping, lighting and sidewalks. 2.5 Ater careful review of several different financing strategies, City staff and Bradley concluded that setting up a Special Service District to finance some of the public improvements achieved the goals of both the City and the Roseville Shopping center to ensure quality design and accessibility. 3.0 a_ f ments for a S Racial er v ce Dfa cf .1 Under IVlN Statute 428A a "Special Service District" means a defined area within the city where special services are rendered and the costs of the special services are aid from revenues collected from service charges imposed within the area. p i The Special Service District carp only be established by ordinance of the City n commercial and industrial zoned areas. The area proposed for the Special Service District would be the area encompassing the entire Roseville Shopping Center which was approved for a PDD rezoning by the Council on March 10, 1998 from a B-1 and SC zoning (see attached map). 3.2 The attached ordinance describes what special services would be provided by the City to the land area that is subject to property taxes. These special services include the following as stating in Section 3 of the attached ordinance. Improvement of the parking lot, relocation of a driveway and installation of curbing, landscaping within the parking lot and along street right-of-way, special Service District- Public bearing (05/26/98)- Page 2 of 3