2019-03-18 EDA Minutes (signed) - Laserfiche WebLink

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REDA Meeting Minutes—Monday,March 18,2019 Page 2 set of categories plus the City has to get back at least that benefit if not more of the value of what is being abated. Ms. Kvilvang stated that was correct. It is recommended for communities to do the actual detailed financial analysis to show the need and benefit of the assistance. The City would want to make sure that the City is not unduly enriching the recipient of the assistance to a point in which the business or developer did not require that assistance. President Roe asked if it is similar to Tax Increment in the sense that the property still pays the total amount that it would be paying in property taxes if the development was done and the value increased, but that captured amount goes specifically to pay for project costs. Ms. Kvilvang indicated that was correct. Member Willmus asked what has been seen in Roseville as far as the need to go the route of abatement. Have there been requests or inquiries made as to whether or not Roseville has this tool available for potential redevelopment. Mr. Trudgeon stated he was not aware of any requests in quite a while. That is not something that has been discussed with anyone as an option. TIF is the only tool the City has used in the past years, so it has not been used since prior to the mid-2000's. President Roe stated this was in the list of tools of the City's Financial Assistance Policy and is why he thought it made sense to understand it better in case it does seem to be something the City could use. Ms. Kvilvang stated this has not been around very long as an economic development tool. She thought this was added to the Statutory Authority in 1998. Ms. Kvilvang updated the Council on the TIF Districts in Roseville, including City options for certain districts as they come to the end of their operation. Member Laliberte thanked Ms. Kvilvang for the presentation. Member Willmus echoed Member Laliberte's comments with respect to the presentation. He stated as far as this body is concerned and maybe the Council as well, a few years ago the City spent a quite a bit of time formulating the City's TIF Policy and is something at some point should be revisited because when looking at these some of these things and for example the estimated annual loss to the City is approximately $39,000, one of the things that is not being factored in there is cost to the City of things outside of the scope of what is being looked at. He thought the City needed to have a little bit more of a broader conversation than with respect to what the EDA may have before them in the presentation. He thought there were some other variables that come into