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, J6~15 MEMORANDDM Community Development Dept. 490~2241 Date: April!3,1995 To: Steve Sarkozy From: Dennis Welsch/Rick Jopke Subject: JoPn Allen Request for Tax Increment Financing Assistance John Allen is attempting to develop an office tech building on a site in Roseville. Mr. Allen has asked that the City consider providing tax increment financing assistance for the site. The site is located in the southwest quadrant of Highway 88 and County Road C-2. The site is currently vacant. The developer is currently attempting to evaluate the effect of a wetland on the property and is going through a wetland delineation process as required by the Wetland Conservation Act. This could have major impact on how large a building could be developed on the site. The developer has reviewed, on a sketch plan basis, the proposal with the Planning Commission. A rezoning from R-l Single Family Residential to PUD and a Comprehensive Plan Change from Medium Density Residential to Business would be required. The site currently is not within an existing Tax Increment Financing District. Because the site is vacant, the site would either have to be qualified as an Economic Development District or a Soils Condition District. Legislation currently being considered by the State Legislature would severely impact the ability to create Economic or Soils Condition districts. Economic Development Districts would be limited to assist businesses which, without the assistance would relocate to another ~ and Soils Condition Districts would be limited to clean up of contaminated soil. If such a district could be created, the maximum length for a Soils Condition District is 12 years and the maximum length for an Economic Development District would be 11 years. Based on the type of development being proposed, approximately $37,000 per year would be available on a pay-as-you-go basis to assist the development. The developer has not identified a specific dollar amount of tax increment that they would need for this project. It is the Community Development staffs recommendation that the City Council discuss this matter at the April 17 , 1995 Work Session to provide direction to staff and the developer or whether or not staff should begin the process to set up a tax increment financing district to provide assistance on the proposed site.