Laserfiche WebLink
� <br />U <br />� <br />AMENDMEN�rS TO TAK INCREMEN� D�SZ'RICT� #1-10 <br />The City of Roseville �as commenced a major redevElopment area in <br />�he 35W/B2 Corridor. In 1985, in order to facili�ate this <br />red�velopm ent effort, �he �ity issued $25,OA0,00� in tax <br />increment bonds. The proceeds were utilized ta c�nnstruct a <br />bri�ge, an� facilitate t�e Rosepointe, Waodbridge, Rosedale <br />Corporate Plaza, and Villa Park projects. Sigriificant success <br />has accurred relating to these project5 which have inclu�ed <br />facilities such as NSP, Health One, Arden Medical, Minnesota <br />Lottery, etc. In ad��tion, activity has started to occur east of <br />the bridge with respect to the City�s priorities in the B2 <br />redevelopment corridar. Although the success has been <br />substantial, significant redevelopment activities s�ill must be <br />accomplished within the 35W Corridor, �hus these amendments, with <br />respect to finan�ial considerations, are being undertaken. <br />In terms of the Twin Lakes area, the �ity has completed a new <br />comprehensive plan for the 281 acres. Major activ�ty has <br />commencEd on the east side o.f the area whi�h includes �he Lido, <br />Edina office building, and the Byerly�s ma11 deve�opments. It is <br />expected that ihe xedevelopment of this a�ea will need a time <br />frame of 10-20 years to comglete all of the projects as <br />envisioned by �he City. Thus, the d�stricts are also being <br />modified to reflect th� long term proposals for the Twin Lakes <br />area. <br />The tollowing s�ctions of tax increment financing pldns #1-10 are <br />modified as follows: <br />F• Parcels to be Acquired <br />Based �n t�e afoxementioned pl�ns for th� 35W/B2 area and the <br />Twin Lakes area, the City wi11 consider the purchase of any of <br />the pro�erties within ��ese tax increm�nt districts to further <br />the long term redevelapmerit plans discussed in the previous <br />paraqraph. <br />G. Estimate af Costs <br />In order to implement the City's plans withir. the Municipal <br />Developmen� DistriGt, the costs are hereby modified as follows: <br />- 35W/B2 Corridor <br />Land Acquisition <br />Demolition <br />Infrastructure <br />and Write Down - <br />$17,000,000 <br />$ 7,000,000 <br />$ 3,000,000 <br />