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<br />Fwd: Impact on residential taxpayers of an increase in th... <br /> <br />Subject: Fwd: Impact on residential taxpayers of an increase in the levy <br />From: ESANDS2612@aol.com <br />Date: Mon, 21 Jun 2004 11 :05:28 EDT <br />To: city .council@ci.roseville.mn.us <br />CC: chris. miller@ci.roseville.mn.us, neal. beets@ci.roseville.mn.us <br /> <br />I asked Chris Miller to indicate the impact on residential property taxes <br />for specified levy increases. This is his reply, which I think the Council <br />should keep in mind. <br /> <br />The math is simple: For every one million increase in the levy, figure on <br />a 10% increase in property taxes. $700,000 would be 7%. Two million <br />would be 20%. <br /> <br />I bring this up because the City is facing a necessary increase in the <br />levy just to maintain our existing level of services. And we taxpayers have <br />just experienced a major increase in our taxes to fund the City Hall, etc., <br />facilities additions. Times are still bad, economically speaking. <br /> <br />Over the next several months, you are going to be hit over the head <br />repeatedly by the Twin Lakes promoters, including Shardlow and the <br />Finance guru, Casserly, to (effectively) increase property taxes to fund a <br />development project. To the extent the project cannot fund itself through <br />the Tax Increment Financing program under existing city <br />policies, taxpayers are going to be paying for a development project out of <br />their pockets. That refers specifically to the "gap" strategies. <br /> <br />In my opinion, this is not the time to be funding a development that <br />cannot finance itself through the tif program, when we have so many other <br />important priorities to take care of. <br /> <br />It is long past the time that you demand the Twin Lakes promoters <br />present their financial plan before any other matters connected therewith <br />are taken up, including approving plans to the master plan, etc. This <br />project cannot fly on its own. It's the wrong time financially to proceed with <br />it. <br /> <br />I am also opposed to passing an ordinance to restrict present land <br />owners, either in the 250 acres they are asking for, and also the 70 acres <br />now under consideration, until you have a financial plan that is doable <br /> <br />lof4 <br /> <br />6/21/200411:25 AM <br />