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U ~ I~ ~ 0 7 ~~ncl, +~*-n~f o u.-f- <br />.~~ sac~d s <br />(Bench Handout) <br />Nov. 19, 2007 <br />ROSEVILLE'S USE AND ABUSE OF <br />TAX INCREMENT FINANCING <br />I. PRE TIF, PRE 1982 TIME <br />Most of Roseville's Retail development <br />happened before TIF: Har Mar, Target, Rosedale <br />T.I.F. was a great idea that got hijacked by cities, at <br />the expense of school districts and the counties. <br />Cities were given full control over their set up and <br />their use. School Districts and Counties were given <br />no say in the matter, even though adversely affected. <br />II. THE BIG TIME 1982-1996 <br />1. Staff was aggressive convinced Council to <br />borrow $22 million of general obligation bonds. <br />(Equivalent to $50 million today.) <br />2. City invested $10 Million in Centre Pointe <br />(west of Cleveland between C & D). Bought 42 <br />acres of land, selected Dave Wier as the developer. <br />