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TWIN LAKES FINANCIAL ANALYSIS Subject: TWIN LAKES FINANCIAL ANALYSIS From: ESANDS2612@aol.com Date: Mon, 19 Jul 2004 11 :06: 19 EDT To: city.council@ci.roseville.mn.us The attached analysis is based on date taken from Jim Casserly's financial analysis, pages 2 & 4. Just when you think you know how the world works, it changes. If one wants to apply zoning to arrive at the highest and best use of its land, it is now clear that multi family housing creates twice the market value per acre as does office, and almost 4 times the market value of retail, ash shown by the attached. Then when you figure in fiscal disparities, etc., housing becomes even more attractive as an "engine" for creating property tax base. During the stakeholder's meeting, I'm quite sure most of us thought that the retail component was to create the money with which to pay for the housing. Quite the opposite is happening. It's clear to me at least that the retail component needs to be reduced down--it now takes up 41% of the total project. It needs to come down to 10- 20010, with a change in use to housing or office. There are many housing options not included in the present plans: high rise rental, niche marketing for singles, etc. I now would agree to buffer the housing along Cleveland and C corner with service retail, that would be an amenity to market niche housing. See the article about St. Louis Park's "Excelsior and Grand: A suburban breath of fresh air", July 17. Another excellent idea would be a hotel with convention meeting facilities, as Dino suggested. Too bad our feet are so set in concrete even though we are supposed to be in the planning stage. Too bad we're so locked in to this plan, and these developers. We need to step back and take a breath, get our imaginations soaring, and do what's right for the long term of Roseville. .Jl{ Sands 1 of 1 7/19/2004 10:23 AM