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<br />increment dollars available over a 10 year period for eligible expenses and if the "but <br />for" criteria is met. <br /> <br />1.8 The applicant is interested in City assistance to cover the added costs of redevelopment <br />that include demolition of the existing building, possible contamination and ponding. <br />These costs are over and above what the company has budgeted for in construction and <br />land acquisition costs. <br /> <br />1.9 Per staffs suggestion, Wheeler Hardware also met with Ramsey County and the local <br />SBA office to review low interest financing options. The company is currently <br />evaluating how these programs can meet their financial needs. <br /> <br />2.0 Council Direction/Discussion: <br /> <br />2.1 Per Roseville's Tax Increment Policy, projects requesting assistance should be presented <br />to Council in concept prior to formal submission of an application. Staff and the <br />applicant are seeking Council's questions and comments on the proposed redevelopment. <br /> <br />2.2 If Council is supportive of the concept, RJ Ryan Construction on behalf of Wheeler <br />Hardware will make a formal application, which includes a non-refundable deposit of <br />$5,000. Staff will then proceed to have the necessary financial and "but for" analysis <br />prepared by a City financial consulting firm. <br /> <br />2.3 Upon completion of the analysis, staff will bring a formal development assistance <br />agreement to the Council for consideration. <br /> <br />Prepared by: Cathy Bennett (651-490-2241) <br /> <br />Attachments: <br />Site Map & RJ Ryan Request Letter <br /> <br />RCD(PF3216) - Redevelop C2/Partridge - Page 2 of 2 <br />