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determine a that special service district would be the most logical strategy to <br /> develop for the following reasons. <br /> Tax Increment Financi n There would not be enough new value to <br /> create the increment needed to justify se#ting up a new district for the <br /> Center redevelopment. In addition, Roseville's tax increment policy <br /> clearly states that priority should be placed on redevelopment of the <br /> industrial areas not on retail. <br /> solo I ssessrr�ent: It would be difficult to meet the public purpose <br /> test to apply a special assessment since the parking lot area where <br /> most of the assistance would be applied is not publicly owned. <br /> SE)ecial Service District: A special service district, newly created by <br /> the legislature, would allow the City to pay for non-publicly owned <br /> improvements that benefit the property and general public and charge <br /> the costs back to the property owner over a period of time. The <br /> charges show up on the property tax statement and can include <br /> administrative fees and interest related to the services provided. <br /> proposeci Soecial Sgrvice WsWct Fee <br /> 3.1 Bradley is requesting that the City Pay for the costs of eligible improvements <br /> under the Special Service District Authority and charge the costs, plus <br /> p <br /> adminstration.fees and interest, back to the property over a period of 10 years. <br /> The public hearing notice includes a total dollar amount of$303,000 which <br /> includes improvements and administration fees at $200,000 plus 8% interest <br /> over the 1 year period. It is estimated that the costs associated with the eligible <br /> y <br /> special services are $171,292 which is much less than noted in the public <br /> hearing notice. <br /> According to section 428A.03, the City may adopt a resolution imposing the <br /> service charges within the district not exceeding the amount or rate expressed in <br /> the notice. The resolution must be considered within 6 months of the public <br /> hearing. <br /> The construction of all special services provided by the City under a special <br /> service district must be publicly bid. <br /> 4.0 Staff Recommendat on <br /> 4.1 staff is recommending that the special service, namely the parking lot <br /> improvements, site work, landscaping, lighting and sidewalks, be loaned to the <br /> � <br /> Special Service District 1 from the tax increment pool. The loan would be paid <br /> back from the revenue generated by the special service fee imposed upon the <br /> Special service Fee- Public Hearing (05!26198)- Page 2 of 3 <br />