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e. oy" <br /> REQUEST FOR CITY COUNCIL ACTION <br /> DATE: 04/27/98 <br /> ITEM NO: <br /> Department royal: Manager Approved: Agenda Section: <br /> pp <br /> 7Akrj/10 <br /> RepoaVRecommendations <br /> Item Description: Roseville Shopping Center Redevelopment <br /> Establishment of a Special Service District (PF# - 2963) <br /> 1.0 Reauested Action <br /> 1.1 Bradley Real Estate, Inc. is requesting that the City of Roseville set a public <br /> hearing on the establishment of a special service district for the property <br /> comprised of the Roseville Shopping Center, In accordance with the Minnesota <br /> Statute Chapter 48A, a special service district can only be established by <br /> ordinance. It is requested that the Council consider and introduce the attached <br /> ordinance to establish a special service district for Roseville Shopping Center. <br /> 1.2 A municipality can only consider the establishment of a special service district <br /> when a petition requesting the action is received by 5% or more of the property <br /> owners comprising the area for which the special service district is to be <br /> established. Since Bradley Real Estate, Inc is the sole owner of the Roseville <br /> Shopping center this requirement is achieved. <br /> 2.0 Baqk ro d <br /> 2.1 Over the p ast several months City staff has been working with Bradley regarding <br /> possible financing strategies for the redevelopment of the center as approved by <br /> Council at the March 1 Ol 1998 meeting. Bradley has indicated several times that <br /> they will have difficulty competitively financing the additional improvements that <br /> the City required as part of the Planned Unit Development Agreement at the <br /> same time as the center building improvements, center addition and Taco Bell <br /> building. These additional improvements include parking lot resurfacing and <br /> restructuring, new parking lot lighting, landscaping and sidewalks. The added <br /> costs for redevelopment of older, obsolete shopping centers is difficult to <br /> financially *Justify even though extensive improvements will enhance the quality <br /> and image of the Center and the community. <br /> 2.2 As a company oli , each individual Bradley owned shopping center must be <br /> financial) self-sufficient. The way the current leases are structured, Bradley <br /> needs to secure Taco Bell as an addition to the center to make the interior and <br /> exterior improvements to the existing center. With the addition of Taco Bell, <br /> Bradley- RCA(04!27/98)-Page 1 of 4 <br />