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REQUEST FOR COUNCIL ACTION <br /> Date: 2/22/2019 <br /> Item No.: 7.c <br />Department Approval City Manager Approval <br /> <br />Item Description: Hold Public Hearing to Consider Modified Tax Increment <br />Financing (TIF) Plans to Assist the Colder Products Company <br />Headquarters Project Located at 2814 Cleveland AVE North <br />& Adopt a Resolution Removing the property from TIF <br />District No. 17 and 17A <br /> <br />1 B ACKGROUND <br />2 The Roseville Economic Development Authority (REDA) previously committed to <br />3 financially assisting Colder Products Company (CPC) in the redevelopment of the property <br />4 located at 2814 Cleveland AVE N. The REDA previously identified the project met the <br />5 <br />6 REDA committed to establishing a new TIF District to subsidize the redevelopment of the <br />7 property for their new headquarters on May 7, 2018 by adoption of Resolution No. 20. <br />8 This support was based on the following: <br />9 Construction of a building of approximately 150,000 square feet to contain office, <br />10 research & design, and manufacturing uses. <br />11 Creation of approximately 388 jobs, 192 of which would have an estimated average <br />12 salary of $92,000/year. The remaining jobs would be entry level manufacturing <br />13 jobs. <br />14 The project continues to meet these criteria and the company is working with their <br />15 developer (Ryan Companies) to refine the floor plan and square footage distribution of the <br />16 various uses. Nearly 85% of the floor place will be designated for office and/or clean <br />17 room/laboratory space. Colder Products Company continues to commit to making the <br />18 Roseville site a headquarters facility. <br />19 <br />20 The redevelopment site located at 2814 Cleveland AVE North is already identified within <br />21 TIF District 17 and 17A (Attachment A), however, the existing Twin Lakes TIF District <br />22 cannot provide the level of assistance that is required to make the redevelopment possible. <br />23 REDA Attorney Martha Ingram, and Stacie Kvilvang the Public Finance consultant <br />24 at Ehlers, Inc. have provided the required TIF outline to REDA staff to accomplish both <br />25 the removal of this specific site from the existing TIF District, as well as the subsequent <br />Page 1 of 2 <br /> <br />