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WORK SESSION AGENDA ITEM NO. 4 <br /> REQUEST FOR CITY COUNCIL DISCUSSIONIDIRECTION <br /> DATE: 03/16/98 <br /> ITEM o: <br /> Department Approval: Manager Approved: Agenda Section: <br /> Item Description: Roseville Shopping Center Redevelopment Financing options <br /> 1.0 Background <br /> City staff has had preliminary discussions with Bradley Real Estate, owner of the property <br /> occupied by Roseville center} regarding possible financing strategies for the <br /> redevelopment of the center as approved by Council at the March 10, 1998 meeting. <br /> Bradley has indicated that they will have difficulty competitively financing the improvements <br /> such as parking lot resurfacing, new parking lot lighting, landscaping and sidewalks at the <br /> same time as the building improvements and Taco Bell and center additions. The high <br /> costs for redevelopment of older, obsolete shopping centers is difficult to financially justify <br /> even though extensive improvements will enhance the quality and image of the Center and <br /> the community. <br /> 2.0 Re guest <br /> Bradle y has requested that the city consider potential financing assistance through special <br /> assessment or special service district authority so that they will be able to improve the <br /> property all at once and pass the costs along to all the beneficiaries including the tenants <br /> as part of their leases. <br /> The total Roseville center improvement costs have far exceeded Bradley's internally <br /> financed budget of$300,000 and are estimated at approximately $525,000 not including <br /> the Taco Bell addition. The budget financing gaps are generally associated with the <br /> enhancements for parking, site work, retaining gall, landscaping, lighting, sidewalks, <br /> enhanced si na a and fagade required by the City as part of the PUD process and the <br /> g g <br /> Larpenteur Avenue design. <br /> 3.0 Alternatives <br /> 3.1 staff has discussed financing the onsite public improvements with payback through <br /> the special assessment process. under IVIN Statute 429.101, the City may assess <br /> improvements that remove or eliminate public health and safety hazards. Although <br /> p i <br /> the improvement of Roseville Shopping center will improve e health and safety <br /> p th . <br /> with safer turning movements, internal traffic, access and pedestrian flow and better <br /> lighting, it was determined that these items are somewhat subjective since they are <br /> on private property. <br /> Bradley - RCD1 (03116198) - Page 1 of 2 <br />