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CC_Minutes_2015_0713
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Roseville City Council
Document Type
Council Minutes
Meeting Date
7/13/2015
Meeting Type
Regular
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Regular City Council Meeting <br /> Monday,July 13, 2015 <br /> Page 32 <br /> As noted in the RCA, City Manager Trudgeon reviewed proposed projects, which <br /> had already been discussed by the City Council, and as identified on the displayed <br /> map, all of which had been identified as part of the original AUAR and involving <br /> existing conditions as well as future development, at an estimated total cost of <br /> $3.2 million. Mr. Trudgeon advised that staff had been consulting with the City's <br /> financial consultant, Springsted, for the best possible scenario, and including the <br /> WalMart, vacant PIK and existing Dorso sites. Mr. Trudgeon advised that the ad- <br /> ditional development of the new hotels, and pending developments would factor <br /> into and improve revenues over the life of the district, and were estimated at ap- <br /> proximately $30,000 additional in increment over the conservatively sufficient <br /> dollars to fund the bond issue. Mr. Trudgeon advised that staff is confident the <br /> bond is well within the reach of what the City can accomplish, and advised that it <br /> did not include development of the final plat to the south or the Sherman project <br /> should that proceed; and clarified that neither would impact TIF revenue. <br /> City Manager Trudgeon offered to answer any questions of the City Council to- <br /> night, with the assistance of Public Works Director/Engineer Marc Culver, Com- <br /> munity Development Director Paul Bilotta, and Finance Director Chris Miller, all <br /> in the audience if needed. Mr. Trudgeon reiterated that City Council action would <br /> be required at the July 20, 2015 in order to start a bonding process under this tight <br /> deadline, and advised that representatives from Springsted would also be availa- <br /> ble at that meeting for any technical questions, in addition to Bond Counsel Mary <br /> Ippel, who has already initiated processing documents if and as needed. <br /> At the request of Councilmember McGehee, Mr. Trudgeon reviewed rationale for <br /> this bond issue at this time under this particular TIF District created under legisla- <br /> tion with a five year rule, and due to the recession, extended to ten years by the <br /> state legislature, expiring on September 3, 2015. As previously stated, Mr. <br /> Trudgeon advised that if funds were not spent by that date, the City could only <br /> use 25% from increments in the district, creating a substantial hit. Mr. Trudgeon <br /> noted discussions had been ongoing for some time among Councilmembers and <br /> staff about how best to invest these TIF dollars, avoid property assessments for <br /> new developments, and complete infrastructure needs in this area to facilitate de- <br /> velopment by having sites ready. Mr. Trudgeon advised that the City would still <br /> be able to use funds from Hazardous TIF Districts to clean-up sites and make <br /> them ready for Greenfield development, further leveling the playing field as de- <br /> velopers continue to come forward. Mr. Trudgeon noted the limitations of the <br /> City in accomplishing these goals, and thus staffs recommendation to move for- <br /> ward and incent development by attracting developers and quality businesses to <br /> shovel ready properties. <br /> At the request of Councilmember Etten, City Manager Trudgeon and Mr. Culver <br /> confirmed that the traffic light at Terrace Drive and Fairview Avenue was covered <br /> under the$2.2 million. <br />
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