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3 4 Fee), 5 Improvements), 6 (Environmental Grants), 8 (Higher Resale Land Values, 9 Hazardous Substance Subdistrict), and 11 (Revenue Notes). i. Note Well: Gap Strategy 8 (Resale Land Values) is particularly emphasized as an important approach toward closing the financial gap for this Project "from both sides." ISSUE 3: SHOULD THE CITY USE EMINENT DOMAIN TO REDEVELOP TWIN LAKES? 1. No, eminent domain is not appropriate for Twin Lakes, at least for the mixed- use project that is being discussed. Eminent domain may be appropriate for a housing-only project that actually provides the type of housing the City wants and needs, such as family-oriented or affordable housing. Eminent domain may be appropriate for an office project that brings valuable head-of-household jobs to the City. But eminent domain is an extraordinary governmental power that should be used only under extraordinary circumstances for extraordinary projects. There has been no showing here of extraordinary circumstances justifying eminent domain. And as for the nature of the currently proposed Project, the retail component of the mixed-use plan is not extraordinary but all too ordinary. Retail in Roseville ought to finance itself and not depend on government use of eminent domain. It follows from what was said above under the "No" positions regarding proposed Twin Lakes land uses and financing that eminent domain would not be appropriate for this Project. There is no public purpose justifying use of eminent domain at Twin Lakes when the proposed land use and financing plans do not serve a substantial public interest. 2. Yes, eminent domain is an appropriate and fair redevelopment tool at Twin Lakes. a. In-fill, redevelopment projects like Twin Lakes don't happen without eminent domain. As evidence, note the use (or officially threatened use) of eminent domain for all the redevelopment projects that were the subject of the Stakeholder Panels' mobile tour. From Edina to Richfield, from Burnsville to Apple Valley, in-fill redevelopment doesn't happen without eminent domain. b. It makes business sense for property owners to hold out for the highest possible sale price, so they will. When several parcels must be assembled for a project, the last person standing tends to receive the most money. c. There are significant federal and state income tax benefits when you sell your land "under threat" of condemnation or your land is acquired under a condemnation decree. This is another reason rational business people hold out. The income tax benefits substantially increase your profit. 11