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Roseville to take on. (For a discussion of what can happen when a city uses development subsidies inappropriately, see this story about Chanhassen: http://www.startribune.com/stories/535/64627 5.htnll). If tax increment revenue bonds are issued in the amount requested, the city's debt load would more than double. This has implications for the city's bonding power for other public purposes - and if the project fails and the TIF revenue bonds go into default, there will be a negative impact on Roseville's bond and credit ratings. Negative impacts on the quality of life in surrounding residential neighborhoods (including increased traffic, increased air, noise and light pollution, diminished green space and wildlife habitat and negative impacts on Langton Lake and the park) will cause neighborhood property values to stagnate or decline, further reducing property tax revenue for Roseville, Ramsey County, and the Mounds View school district. Roseville is already saturated with retail development - we have the most retail space per capita in the Twin Cities area, an amazing 82 square feet per Roseville resident, which is more than 4 times the metro area average of 18 square feet. (See Finance and Commerce, June 3, 2004: http://www.finance-commerce.com/recentarticles/040603d.htm) If we subsidize more retail, we will only cause loss of tenants and shoppers for our existing malls. As their vacancy rate increases, their property values (and the property taxes they pay) will decline. And if we subsidize giant retailers like Costco (which already have huge market power and competitive advantage), the city will be using public money to help drive our local small retailers out of business. This is extremely unjust, and it will harm Roseville's local economy, causing more negative consequences for our business community and tax base. 2. Unanswered Questions about the nature and extent of pollution on the site make it extremely risky for the city to commit to payin2: the costs of environmental clean-up" or for the project to 2:0 forward. The most recent groundwater study (available on the City of Roseville W ebsite) shows that groundwater in the Twin Lakes area is contaminated with the solvent TCE, a substance hazardous to public health. According to the study, further investigation and evaluation is needed to determine the sources magnitude and extent of the contamination, and whether it is continuing to move deeper into the area groundwater. Further testing is also necessary to assess public health risks, risks associated with disturbing TeE-contaminated areas during construction, and strategies/costs for clean-up. The council heard a