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City Council Regular Meeting - 06/20/05 Minutes - Page 15 Jim Casserly, Krass Monroe Mr. Casserly provided a brief overview of why the City Council was entertaining creation of a TIF District, costs associated with the project, and numerous analyses perfonned over the last several years. Mr. Casserly reviewed the purpose of a TIF plan that would allow a number of parcels to be included within a TIF District, with the increased value of those parcels, following development, to be captured to pay for eligible expenses over a period of years. Mr. Casserly reviewed several development options: that of the City acting as its own developer in acquiring properties, performing site improvements and installing infrastructure and then selling developed properties in the open market; or as chosen by the City of Roseville, to choose a developer to act in the City's place, to advance funds for site improvements, property acquisition and development, with the City providing a note of issuing revenue bonds to reimburse the developer for eligible expenses, as agreed upon and negotiated by the developer and City through a Developer Agreement. Mr. Casserly noted that, prior to finalization of a Developer Agreement, creation of a TIF District was necessary to allow the City to help finance redevelopment efforts. Mr. Casserly detailed the TIF District; financing options and sources; potential debt of the District; "but for" analyses; and hazardous substance subdistrict criteria. Mr. Casserly reviewed the City's Development Program since its 1982 inception, noting that his firm had updated the program and restated it to reflect current law and a number of legislative changes during that time. Mr. Casserly noted that modifications to the development program had taken place in pieces as needed, but that now a proposed resolution for Council consideration pulled it all together. Mr. Casserly also noted that the reason for decertification of a portion of the district was to remove those parcels that were in an existing district for a number of years without experiencing any development, and place them in a new district in order to finance public improvements on those parcels. Councilmember Maschka requested that Mr. Casserly address the rationale for increasing the length of a TIF District from what used to be 12 years to 25 years, and tax compression issues.