Laserfiche WebLink
4121105 draft v�F <br />TERM SHEET <br />Rosev���elTwin Lakes Phase I <br />(Areas 1, 2, 3, 4, 5 and 8) <br />Redeveloper: The Rottlund Company, Inc., or other redevelopment entity <br />comprised of Rottlund and co-redevelopers. <br />City: City of Roseville, Minnesota. 1 <br />Redevelopment Property: "Phase I", consisting of the property within Areas 1, 2, 3, 4, 5 and 8, <br />consisting in part of property owned or under contract by the <br />Redeveloper ("Redeveloper Property") and Private Property, a11 as <br />identified on Exhibit A. <br />Creation of TI�' District: The Contract for Private Redevelopment (the "Redevelopment <br />Agreement") to be entered into between the parties wi11 set forth the <br />process by which the City wi11 create a redevelopment tax increment <br />financing district and any qualifying hazardous substance subdistricts <br />for the Redevelopment Property (the "TIF District") assuming the <br />statutory tests for establishment are met. The TIF District wi11 <br />include Areas 1-5 and 8. Any of such parcels currently in a tax <br />increment district wi11 be decertified from that district. <br />The creation of the TIF District wi11 be subject to proper <br />consideration by the City and, subject to a substantive factual basis, <br />the making of a11 necessary findings by the City, including the "but <br />for" finding on need for public assistance. The City wi11 consider any <br />necessary or appropriate modifications or re�inements to the <br />definition of the underlying Project area. <br />Fiscal Disparities: The fiscal disparities contribution for the Project wi11 be paid within <br />the TIF District. <br />Eminent Domain: The Redeveloper wi11 use its best efforts to acquire the Private <br />Property through negotiation with the current owners. The <br />Redevelopment Agreement wi11 set forth the terms and conditions of <br />City assistance with acquisition of any remaining parcels through <br />eminent domain, which sha11 include: <br />p, The required primary public purpose findings can be found to <br />support such action. <br />2. To institute condemnation proceedings, the Redeveloper <br />provides 10% of the City's estimate of the total acquisition <br />costs, which wi11 include an estimate of market value and <br />