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TWI N LAK ES S T RA T EG Y REN EW A L ...aaaa.aaaaaaaaaaaaaaaaaaama....a..amma.aaaaaaaaaooo SUMMARY OF REDEVEl.OPMENT OPTIONS The benefits of redevelopment are significant for communities. Pollution is cleaned up, traffic can be rerouted, the tax base is strengthened, and aging and deteriorating areas are revitalized. Communities going through the redevelopment process make a long-tenn commihnent and face the challenges, knowing that the benefits to come will be well worth the effort. Redevelopment is a gradual process and can take five to 15 years to see the results. In an effort to encourage discussion about future development, the needs of the community, and long-tenn economic stability and growth, City staff has prepared three different land use options and summarized the current situation. These options will be discussed and feedback will be requested at the upcoming strategy meetings. A brief summary of the options are listed below. The map on the back provides a breakdown of the different land uses within the Twin Lakes Redevelopment Area. Option 1: Existing Conditions The Twin Lakes Redevelopment Area is comprised of about 150 acres, Of that land, 12 parcels are considered Opportunity Areas where new uses would bring more jobs and greater tax capacity to Roseville than currently exist. A number of parcels have already been developed over the past decade, and they are not included in the Opportunity Areas. The planned Twin Lakes Parkway will provide direct business frontage and relieve traffic on existing roads by improving highway connections for cars and trucks accessing the businesses located along the parkway. In Twin Lakes today there are approximately 2,500 jobs and a tax base of $2 million, Option 2: Office/High Tech Flex Space/Housing Mix In this scenario, an emphasis on office development and a hybrid space called "high-tech flex" is proposed for much of Twin Lakes. Between 5,000 to 7,000 jobs could be created in this option. About $315 million in private investment would be required to create this mix, A combination of owner-occupied and rental housing is proposed for the northern peripheries of Twin Lakes, adjacent to existing residential areas. Tax revenues would be boosted eight times by using this mix of uses. Option 3: Medical Campus/Office/Housing This scenario includes a proposed medical campus within the southwest quadrant of Twin Lakes, The combination of a medical campus, office and technical space, daycare and fitness center would potentially result in 7,000 to 9,000 jobs created. An element of rental and ownership housing is included in this scenario. Private investment is likely to be about $510 million, and would result in a ninefold increase of the existing tax base, Option 4: High Tech Flex/Manufacturing/Retail Mix The fourth scenario adds retail and manufacturing to the high-tech office mix, Estimated job creation is between 3,000 and 5,000 jobs. Private investment may be $328 million, and tax revenues would increase six times the existing base, -- "--~t.~ 1 ;":~~~t'J 'c,::..~._7-~:, Cleanup of contamination and aging properties enhances community livability, image, tax base and avoids a painful cycle of more serious deterioration, declining property values, crime and urban decay. The renewal of Twin Lakes can already be seen with success of earlier phases of redevelopment .....m..........m.c...a..auOOBODODDoaaaooaoaoaOOcDDDDDDOOCODDQ08DOOODooaaaaooaoooocooooaaoocaCCCDCDDOOOOOOODOODDDOOOOOOODDDOO