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Service District <br /> Set public hearing for May 26 - considering imposing services charges to the <br /> District <br /> - Publish notices of the public hearings to the official City newspaper. <br /> May-26 Council Meetin <br /> - Hold public hearing - regarding establishment of the Special Service District <br /> -Adoption of the Ordinance establishing the special Service District <br /> - Hold public hearing - regarding imposing services charges to the District <br /> -Adoption of a resolution imposing services charges win the district. <br /> 4.0 Staff Recorr mendatfon <br /> 4.1 At the April 27, 1998 meeting, staff is recommending that the Council introduce <br /> an ordinance establishing a special service district no. 1 for the Roseville <br /> Shopping Center and establish May 26, 1 E198 as the public hearing dates to <br /> consider the Ordinance and Resolution imposing the special service fee. <br /> 4.2 staff:is recommending that if approved, the special service, namely the parking <br /> lot improvements, site work, landscaping, lighting and sidewalks be provided by <br /> the City and paid for by a loan from the tax increment pool. The loam would be <br /> paid back from the revenue generated by the special service fee imposed upon <br /> the district in 20 installments along with the property taxes for 10 years. An <br /> interest rate factor of 7.5% - % would be included in the service charge above <br /> and beyond the amount needed to complete the improvements. In addition, the <br /> costs to set up the district (publication costs and attorney fees) will be included in <br /> the service charge. <br /> 4.3 Staff has worked with Briggs and Morgan and Bradley Real Estate for several <br /> weeks to core up with an equitable way to ensure the best possible <br /> improvements can be made to the center so that is will continue to be a viable <br /> retail center for many years to come. By providing assistance to Bradley to help <br /> fulfill their financial gap for making the improvements all at once, the City (as well <br /> as Bradley and tenants) benefit with a modern, safe and appealing center which <br /> translates into the attraction of quality businesses, jobs and stable tax base. <br /> 5.0 Syggested Council Action <br /> 5.1 By motion, introduce the attached ordinance establishing Special Service District <br /> No. 'I for the Roseville shopping Center owned by Bradley Real Estate and <br /> direct staff:to bring the ordinance back to the May 26 Council Meeting, with any <br /> modification, for consideration of adoption. <br /> Bradley- RCA(04/27198)-Page 3 of 4 <br />