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City Council Regular Meeting — 06/20/45 <br />DRAFT Minutes - Page �S <br />was entertaining creation of a TIF District, costs associated with <br />ihe project, and numerous analyses performed over the last <br />severa� years. Mr. Casserly reviewed the purpose of a TIF plan <br />that would allaw a number of parcels to be included within a TIF <br />District, with the increased value of those parcels, following <br />developmen�, to be captured to pay �or eligible expenses over a <br />period of years. Mr. Casserly reviewed several development <br />options: that of the City acting as its awn develaper in acquiz-�ng <br />properties, performing sit� improvements and installing <br />infrastructure and then selling developed properties in ih� op�n <br />inarket; or as chosen by the City of Roseville, ta choose a <br />developer to act in the City's place, ta advanee funds for site <br />improvements, property acquisiiion and development, with the <br />City praviding a nate of issuing revenue bonds to reimburse the <br />devcloper for eligibl� expenses, as agreed upon and negatiated <br />by the developer and City through a Developer Agreement. Mr. <br />Casserly noted that, prior to finalization of a Developer <br />Agreement, creation of a TIF District was necessary to a11ow the <br />City �o help finance redevelopment efforts. <br />Mr. Casserly detailed the TIF District; f nancing aptions and <br />sources; potential debt of the District; "but for" analyses; and <br />hazardaus substance subdistrict criteria. <br />Mr. Casserly reviewed the City's Development Prog�ain �ince its <br />1982 inception, noting thafi his firm had updated the pragram and <br />restated it to reflect current law and a number o£ legislative <br />changes during that tim�. Mr. Casserly noied �hat modificatians <br />to the development pragram had taken p�ace in pieces as needed, <br />but that now a proposed resolutian for Cauncil consideration <br />pulled it a11 fogether. Mr. Casserly also nated that the reason for <br />d�certification of a portian of ihe disirict was to remove those <br />parcels that were i� an existing district �'or a nu�nber af years <br />without experiencing any develapment, and place them in a new <br />districi in arder to f nance public improvements on those parcels. <br />Councilmember Maschka requested tk�at Mr. Casserly addr�ss <br />the rationale far increasing the length of a TIF District from what <br />used �o be I2 years tio 25 years, and tax compression iss�es. <br />Mr. Casserly noted that 25 year districts had been in existence <br />