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Last modified
7/17/2007 2:32:18 PM
Creation date
3/16/2006 9:07:45 AM
Metadata
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Template:
Planning Files
Planning Files - Planning File #
3552
Planning Files - Type
Planning-Other
Project Name
Twin Lakes
Status
Active
Additional Information
Moratorium
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<br /> <br /> <br />viii. Higher Resale Land Values Be Negotiated - <br />see xiv. below <br />ix. Gap Strategy 9: Hazardous Substance Dist. $4.5 <br />x. Gap Strategy 10: Fiscal Disparities 00000 <br />xi. Gap Strategy 11: Revenue Notes $5 <br />xii. Gap Strategy 12: Compound Effect of 4,7,10 $0.7 <br />xiii. TOTAL from Mid-Point Value of $21.55 <br />Selected Gap Strategies <br />xiv. If Higher Resale Land Values of$5 Million, $5 <br />which Is Approximately $1.75 More per Sq. Ft, <br />Then the Gap Is Closed $26.55 million <br /> <br />In summary, excluding entirely some gap strategies, and placing a <br />conservative mid-point value on the remaining gap strategies, closes the <br />gap. This Project is affordable. <br /> <br />b. The City has created about 17 TIF districts over the last 15 years. TIF is <br />nothing new in Roseville or the Metro. Roseville has not suffered due to the <br />use ofTIF, it has benefited. Roseville TIF districts have helped to create what <br />most residents regard as community assets that are part of what makes <br />Roseville a great place to live and work. These Roseville TIF projects <br />include, but are not limited to: <br /> <br />i. helping to construct the parking ramps for an expanded Rosedale <br />Mall, <br />ii. helping to construct the Veritas mid-rise office building and campus, <br />and <br />iii. helping to construct Applewood Pointe containing a variety of <br />housing types. <br /> <br />Thus, Roseville retail, office and housing projects have all been subsidized <br />with Roseville TIF. <br /> <br />c. Twin Lakes would combine retail, office and housing components within one <br />master-planned community. Twin Lakes should not be penalized because it is <br />large project combining office, housing and retail uses within one master- <br />planned project. The reason the amount ofTIF is high is because Twin Lakes <br />is a large, multi-use project. When viewed in light of the amount of housing, <br />the amount of office space, and the amount of retail which is being developed <br />at Twin Lakes, the TIF sought for Twin Lakes is in line with other Roseville <br />TIF projects. <br /> <br />d. Though the amount ofTIF needed for Twin Lakes is large it is manageable. <br />The City has closed ten TIF districts in the last three years thus freeing up <br />TIF-related debt capacity. That fact combined with the fact that Roseville has <br /> <br />8 <br />
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