CC_Minutes_2004_0809 - Laserfiche WebLink

Home

Twin Lakes Financing and tax money Dear Folks, We just returned from a week "up north" with my 5 kids and 21 grandchildren. Here is what I found when I returned. Not all of my concerns were answered by Dean but it was a start. Larry Dear Mr. Shearon: I have no intention of changing our pay as yol policy for tax Increment financing policy All the risk for this project will be assumed developer not the city or its taxpayer. If the project is success developer gets paid out of the new tax increment that the project itself creates. I f the project is not successful the developer < get paid for the money he put up front to get the project going. costs include building the new roads, cleaning up the site and c: it, new utilities and getting it ready for the new building ThE property value as it stands on this site today is around 66 mill: the project is done it is estimates market value approaching 220 Why is that important, because one of the reasons we can keep prc taxes reasonable in Roseville is that we have a successful comme: base. This allows us to spread taxes over a larger taxable base. the number is that about 170 of the cities area our commercial b< more then 600 of of our property taxes. Thus we all benefit fror successful development in this city. I realize this is a very cor issue and is easily confused but this project as proposed will not fall back on the taxpayers of this city and who try's to tell you that is simply wrong. Thanks Dean Larry Shearon wrote: > Dear mayor and council members; > I am Larry Shearon and a 40 year resident of Roseville. I am < > retired vice president of Medtronic and have been keeping myse: > informed about the Twin Lakes development. From all the evidel > have seen, I fail to see the benefit to Roseville that would w< 4 of 5 x/9/2004 9:04 ~1VI