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Last modified
7/17/2007 2:09:38 PM
Creation date
6/29/2005 3:37:28 PM
Metadata
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Template:
Planning Files
Planning Files - Planning File #
3543
Planning Files - Type
Miscellaneous
Project Name
TWIN LAKES
Applicant
TWIN LAKES
Status
Approved
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<br />suburbs, as well as Minneapolis and St. Paul, Roseville needs the tax increment <br />financing tools to reduce the costs of redevelopment and stabilize or ultimately increase <br />property values in the City. <br /> <br />Reduce Sprawl, Support Schools & Encourage The Use of Existing Services - <br />From a State perspective, not supporting TIF for urban redevelopment brownfield areas <br />increases the probability of sprawl to areas where those added costs are not an issue - <br />such as undeveloped parcels in the second and third ring suburbs. The use of TIF for <br />undeveloped parcels increases State road and new school costs. In undeveloped areas <br />the use of TIF serves as a marketing tool to encourage companies to invest in areas <br />that they would not likely come to due to its location. However, the public purpose for <br />use of TIF in locations such as Twin Lakes is to efficiently use public resources already <br />in place (roads, schools, and utilities) rather than create the need for new services. TIF <br />is used to reduce the added costs due to redevelopment of the land. <br /> <br />The private sector is not likely go to all of the trouble and investment (plus they do not <br />have the legal tools) to acquire the property in order to assemble a developable site, <br />carry out the demolition, remediation and relocation activities, etc. Absent public <br />intervention, it is likely the parcels in question would remain the same (at least in the <br />foreseeable future) and that the taxes, jobs and housing generation within that parcel <br />area would be stagnant. Since the additional value and taxes would not have been <br />there "but for" the public intervention, it is right and just that the incremental taxes <br />generated on the new development go to pay for the public improvements that made <br />the redevelopment possible in the first place. <br /> <br />Roseville's past investment using TIF has facilitated considerable private investment <br />which would not have occurred. The ratio of new tax capacity due to public investment <br />as incentive for private investment has been excellent (18% public incentive versus 82% <br />private investment). <br /> <br />4 <br />
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