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Regular City Council Meeting AND Board of Adjustments and Appeals Monday,July 16,2012 Page 35 velopment was dictated by the marketplace, and at this time, supported more retail. However, no matter the use supported by the public and their perception of what should develop, Mr. Rancone noted that nothing had developed in that area over the last fifteen (15) years. Mr. Rancone asked what the public expected to develop there, since locally-owned business didn't have a realistic ability to do so without a catalyst such as a major retailer leading the way. Regarding the SWARN appeal, Mr. Rancone noted that two (2) of the four (4) members of SWARN that he had met with in his office had expressed their preference for a Costco rather than a Wal-Mart. In response, Mr. Rancone questioned where they were five years ago, and noted that the economy had changed since 2005, along with technology and demographics, and when the "Friends of Twin Lakes" took the developer to court. Mr. Rancone opined that the Comprehensive Plan needed to respond to the realities, not the ideals, of the marketplace. Mr. Rancone noted, as an example of zoning designations, the shopping center where Byerly's was located, and questioned if they or Office Max was "regional" in nature. Mr. Rancone not- ed that many businesses perceived to be community-based or regional, were in fact national chains, with some of those squeezing out smaller retailers. Mr. Rancone opined that it was un- realistic to think neighborhood stores could develop this area on their own. Regarding the allegation by SWARN that the public was subsidizing $1.6 million for this de- velopment, Mr. Rancone questioned where that had come from. Mr. Rancone noted that many developers asked for tax increment financing (TIF) assistance with their development. How- ever, Mr. Rancone noted that Wal-Mart, nor Roseville Properties, was asking for any tax dol- lars, and that the City, County, and School District's tax bases would actually increases, signif- icantly more than realized by any of those jurisdictions over the last ten (10) years. Mr. Ran- cone noted that the City had in effect lost almost $1 million annually in potential property tax revenue with the property remaining underdeveloped in the Twin Lakes Redevelopment Area. Mr. Rancone reviewed actual figures for the project, noting that: • The project will contribute$410,000 as a Park Dedication Fee • The development will make necessary improvements at the intersection of County Road and Cleveland Avenue, estimated to be $600,000, with Wal-Mart paying their proportional share • The development will pay for upgrades at that corner estimated at$1 million • Wal-Mart will pay approximately 25% of the $1.6 million costs ($400,000) toward the freeway interchange improvements, with the balance funded through grants and Chap- ter 429 assessments as applicable Mr. Rancone opined that he saw the development contributing $1.6 million, not the City losing that amount. Regarding allegations that the property would pay no taxes for a certain period of time, Mr. Rancone opined that the statement was erroneous, anticipating that the tax value of the proper- ty would double or triple that currently paid to the City. Whether the City used TIF to pay off