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2005_0131_Packet
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2005_0131_Packet
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9/14/2009 9:59:13 AM
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Roseville City Council
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Council Agenda/Packets
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ti- <br />Existing Improvements: <br />Timing: <br />Private Financing: <br />be required as to any building for which only pay-as-you-go tax <br />increment financing is being provided. <br />Existing improvements on the site shall not be removed until <br />approval is granted by the City in order to preserve the parcel's <br />eligibility for inclusion in a tax increment district. <br />The City and the Redeveloper will develop a project schedule. <br />Substantial completion of Construction of Minimum <br />Improvements: <br />Commercial (initial phase), November 1,2004. <br />Housing (initial phase), April 1, 2005. <br />The Redeveloper will obtain the necessary private financing for the <br />development of the project proposal. <br />'�ax Increment Financing: The City will review the use of tax increment financing only after <br />receiving a completed Tax Increment Application. The use of tax <br />increment financing will be evaluated for eligible uses associated <br />with the Development Property as are authorized under the <br />relevant statutes and City ordinances. The Redeveloper agrees that <br />tax increment generated from the private improvements on the <br />Development Property may be used for the eligible purposes as <br />agreed upon by the City Council and consistent with City TIF <br />guidelines and Minnesota Statutes. <br />The pursuit of special legislation to achieve the redevelopment of <br />the 72 acre Development Property and the entire Twin Lakes <br />redevelopment area may only occur after evaluation and <br />endorsement of such legislation by the City Council. <br />Eminent Domain: If necessary, the City will consider the use of eminent domain, <br />including the use of quick take, if the Redeveloper is unable to <br />purchase the Private Property through market negotiations <br />provided: <br />a. The required public purpose findings can be found to support such <br />action. <br />b. To institute condemnation proceedings, the Redeveloper will <br />provide 20% of the City's estimate of the total acquisition costs for <br />the parcel, which shall include attorney's fees and all other <br />professional fees and services. The City will seek the advice of the <br />Redeveloper for the attorney it engages to pursue eminent domain <br />proceedings. <br />
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