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f�� <br />� <br />REQUEST FOR CITY COUNCIL ACTION <br />DATE: 02/10/2014 <br />ITEM NO: 14.e <br />Dep ent Approval City Manager Approval <br />��----��-�- <br />Item Description: Discuss Redevelopment of the Dorso property, Tax Increment Financing <br />(TIF) Assistance <br />1 BACKGROUND <br />2 The Dorso property is located at 2814 Cleveland Avenue and was the former home of American <br />3 Semi. The property currently includes the vacant 47,580 sq. ft. building and 10.11 acres over <br />4 three existing parcels. The City was recently approached by representatives of Colliers <br />5 International who are seeking to assist with the development of a medical device maker on the <br />6 Dorso property. <br />7 THE PROJECT <br />8 • World Headquarters for a medical device manufacturer <br />9 • 115,000 square feet on two stories <br />10 • Expandable by 30,000 square feet <br />11 • The company currently has 175 employees with future plans for 450 employees over the <br />12 next 2-3 years with an average wage level of $75,000 <br />13 • Use is 79,000 square feet office and 36,000 square feet clean room/lab/manf/storage <br />14 • Two loading docks (expandable to three) <br />15 • Initial parking 533 stalls, additional 119 with Phase II <br />16 • Total project costs are expected to be more than $20 million (conceptual site plan — <br />17 Attachment A) <br />18 POLICY OBJECTIVE <br />19 Redevelopment of Twin Lakes has been a high priority for the City for many years. The <br />20 proposed world headquarters development is one of the key uses desired for the area and would <br />21 assist in achieving or furthering the goals of the Twin Lakes Redevelopment Area, especially <br />22 given the type of jobs this use would bring to our market place. <br />23 FINANC�, IMPACTS <br />24 Staff is warking on calculating the amount of financial assistance that is needed for this project <br />25 to go ahead in Roseville. The City has Tax Increment Financing District 17 and a Hazardous <br />26 Substance Sub district 17a within the Twin Lakes Redevelopment Area that can be used to fill <br />27 the financial gap this project. In addition there is the potential for the use sewer-access charges <br />28 (SAC) credits that also may be used. <br />29 STAFF RECOMMENDATION <br />30 Staff will present an update on the development discussion and provide additional infarmation <br />31 about potential financial assistance at the City Council meeting. <br />Page 1 of 2 <br />