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Staff would like for the City Council to have a discussion about the project in general and discuss the 30 willingness of the City to provide assistance for the project. As mentioned previously, additional 31 analysis will need to be done, therefore a final decision will need to be made at a later date. At this 32 time, staff and the developer would like to gauge the interest of the City Council in exploring the City’s 33 involvement with the project before more time is invested in analysis. 34 PO OLICYBJECTIVE 35 Redevelopment of Twin Lakes has been a high priority for the City for many years. The proposed 36 mixed-used development will help further the goals of the Twin Lakes Redevelopment Area. This 37 proposal also fills the housing needs identified in the Roseville HRA Strategic Plan and the recently 38 completed housing market study. 39 FI INANCIALMPACTS 40 At this time, it is unknown what amount assistance for the project is needed. If the City receives the 41 DEED grant, the required local match will be paid for by the developer. The area lies within TIF 42 District 17/17A. TIF 17 has a small existing balance currently that could potentially help the project. 43 The new development will generate additional TIF revenue that could potentially assist the 44 development. TIF 17A has a healthier balance, but its use is restricted to environmental remediation. It 45 is expected that further analysis of the project will bring forward specific recommendations on how 46 these funds would be affected if assistance is given. 47 SR TAFF ECOMMENDATION 48 Staff believes that the proposed apartment development on the Hagen Property is very desirable and 49 consistent with the vision of Twin Lakes. Staff would recommend that the City approve the resolution 50 of support for the DEED application and continue to work with the developers to determine if financial 51 assistance is possible for the project. 52 RCA EQUESTEDOUNCILCTION 53 Motion toa resolution authorizing the submittal of a DEED Redevelopment Grant application APPROVE 54 for the property located at 2785 Fairview Ave. 55 No final decisions are expected at this time in regards to any financial assistance for the redevelopment. 56 However, if it is felt that the project is desirable, the City Council should direct staff to continue work 57 with the developer to determine if financial assistance is possible for the project. 58 59 Prepared by: Patrick Trudgeon, Interim City Manager (651) 792-7021 Attachments: A: Aerial of Hagen Property B:Project Narrative, Conceptual Site Plan, and Company Background C:Resolution of support of DEED Grant Application D:Roseville HRA Resolution of Support Page 2 of 2