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Set up plans big time to develop the sight. It failed <br />badly in 1986 until repossessed in 1996. It failed <br />because The U S Congress stopped allowing limited <br />partnership losses to be used against other income. <br />Partnership funding for new development dried up. <br />3. But TIF 2 (Jeff Nielsen's beautiful Long <br />Lake Road project, (1982} where the State Lottery <br />now resides, rescued the. City from disaster. That <br />project collected over $22 million of TIF before it <br />closed out in 2003. If you've never visited that black <br />office building, do so. It is the most gorgeous office <br />building I have ever seen. <br />4. In 1988- Rosedale added a new Dayton's store <br />and gave it to Dayton in exchange for their old <br />building, to keep them at Rosedale, and not go to the <br />new Mall of America. <br />In order to set up a TIF project, the City must <br />declare that it wouldn't happen .with their TIF <br />subsidy. City staff and council immediately declared <br />the Dayton's addition a Tif district; that it would <br />never have happened unless they gave it TIF. That in <br />spite of newspaper reports at the time that explained <br />why Rosedale was giving a new building to Daytons. <br />2 <br />