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���� <br />� <br />������ <br />2 To: <br />4 From: <br />Mayor and Council <br />� -�. <br />Bill Maiznen, City Manag • <br />r� � <br />Chris Miller, Finance Director � � <br />Date: 10/15/07 <br />[tem�. 7.�. <br />TIP District #X <br />Date: � 0108107 <br />Item: �.x.� <br />7['XF District �t <br />5 Date: October 8,2007 <br />6 Re: Consider Extending Tax Increment Financing (TIF') District i t(Centre Pointe) for <br />7 Environmental Cleanup in Twin Lal{es <br />4 .— . .--- � -- � � ----- ---� �--- � � --- -� — <br />��� ������ <br />� <br />���! Background <br />i] The Imagine Roseville 2025 Vision Document identified a desire by the community for the City <br />]� to take a proactive stance on environmental stewardship. Over the past few years a number of <br />]; sites within the City were identified as having contaminated soil. This includes the former <br />9� Mounds View School District site, and selected properties in the Twin Lai�es Redevelopment <br />1 � Area. <br />1 �7 <br />1 'F <br />l� <br />l9 <br />�� <br />�l <br />?� <br />�� <br />�� <br />�5 <br />�� <br />., ., <br />�; <br />�� <br />�� <br />3U <br />�i <br />,� � <br />3 �i <br />a� <br />While these contaminated sites are all deserving of attention, the Twin Lal�es area represents <br />perhaps the largest known site and arguably should be addressed as soon as practical. To that <br />end, Staff has identified a potential strategy for funding environmental cleanup. This strategy <br />requires that extension of the Centre Pointe TIF District. <br />Centre Pointe TIF District Overview <br />The Centre Pointe TIF District is a scattered site redevelopment district that was established in <br />1982. It includes primarily those parcels that comprise the Centre Pointe Business Park which <br />includes offices and hotels along Cleveland Avenue, between County Road C and County Road <br />D. Under the current TIF Plan, this district is scheduled to close on D�cexnb�r 31,2007. <br />The District itself has fulfilled all of the City's legal obligations and therefore its closure will not <br />have any negative impacts. However, the City does have the option of extending the District for <br />an additional two years and modifying the TIF Plan to assist in environmental cleanup in Twin <br />Lakes. The District generates approximately $1.1 million annually in captured revenues. If the <br />City extended the district and modified the TIF Plan for 2007-2009, the City would capture over <br />$3 Million dollars. <br />3� If the City extended the District as outlined above and was successful at reclaiming the <br />3�i environmental cleanup grants that were previously awarded but released, the City could amass as <br />3� much as $7 million dollars. Preliminary estimates of the Twin Lal{es environmental cleanup <br />3� costs are $6-9 million. Eliminating these environmental cleanup costs from the eventual <br />�{7 redevelopment project will substantially level the playing field in comparison to more desirable <br />�r� areas in the Twin Cities metro area. In turn, this will greatly enhance the City's ability lo <br />� I redevelop Twin Lakes. <br />r� � <br />. <br />