CC_Minutes_2013_0722 - Laserfiche WebLink

Home

Regular City Council Meeting Monday,July 22, 2013 Page 6 4. Evaluation—Will the City take a look to change after evaluations? In referencing the map provided in his bench handout, Mr. Foster noted that even though the area was listed as 210 plus acres, there were essentially only four (4) parcels; further noting that the parcel identified as "Parcel #8" would receive an initial hearing for a proposed development later in tonight's meeting. In talking to the owners/principles of those four(4) parcels, Mr Foster advised that without ex- ception they were all interested in doing something. Mr. Foster opined that the location Twin Lakes was superb. Mr. Foster noted that there were eleven (11) banks within and representing the fi- nancial community in Roseville; all active and successful; and with enactment of the Community Reinvestment Act, had that tool available to them and an obliga- tion to assist businesses and residents in the community. Mr. Foster further opined that the four(4)parcels were not very big; and suggest- ed use of the 1033 Tax Deferred Exchange in conjunction with 1031 as another option, depending on whether or not a property was under threat of condemnation or if the owner or principle wished to sell using the Tax Deferred Exchange. Mr. Foster opined that it would take further review by the City Attorney to provide a legal opinion based on specific properties; but he was of the opinion that such an option could work to everyone's benefit, and suggested that the City Council con- sider it as an option to assist and apply in the Twin Lakes area. Mr. Foster ad- vised that he included a copy of the 1033 law in his packet of handouts. Mr. Foster referenced another part of his handout that provided a copy of a July 14, 2013,Minneapolis Star Tribune newspaper article on Shakopee, MN and cor- porations locating in that community. Mr. Foster noted that the next two (2) pages of his handout provided information about the Small Business Administration (SBA) and willingness of U. S. Bank in assisting the business community with planned expansion, rehabilitation or relo- cation efforts. Mr. Foster referenced the remaining information in his handout from the legal department of the Minnesota League of Cities, opining that it was a great organi- zation. Mr. Foster opined that Twin Lakes was not very complicated; and noted that there was a group of investment bankers from New York that had come to Rose- ville to look at the Twin Lakes area to determine if it was investment grade prop- erty. Mr. Ralston opined that they had been very impressed with the Twin Lakes area due to its location, the Park&Ride amenity already in place, and various res- idential potential.