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Suggested Legislative Remedy- The legislature should enact special legislation for <br />the City of Roseville that allows for the creation of a new provision for urban <br />redevelopment tax increment financing districts. The special legislation would <br />provide the ability to: <br />� create new 25 year redevelopment districts where and when needed <br />throughout the Twin Lakes area. <br />� allow for limited spending of increment from each district (project) within the <br />redevelopment area (some development projects may have a larger gap than <br />others) <br />� extend the 5-year knock down rule to 9 years, and <br />� allow for the local tax rate to "float" whereby each year's tax increment <br />calculation would utilize that year's current local tax rate. <br />How Special Legislation Can Help - The existing tax increment district expires in <br />2014. Even if all of the parcels were to begin redevelopment in 2004, there is not <br />sufficient time to collect increment necessary to fill the financial gaps in the project. In <br />addition, only 75 percent of the parcels are within the existing tax increment district. <br />Many of the new development parcels will cross over the existing parcel borders, <br />thereby creating a situation where only a portion of the new parcel is within an existing <br />tax increment district. Twin Lakes is a large Brownfield project that will begin <br />redevelopment in 2004. However, completion of the redevelopment may take 10-15 <br />years as some parcels are more environmentallyand economicallychallenging. <br />In order to provide a competitive environment for urban renewal the special legislation is <br />necessary to finance typical brownfield redevelopment costs such as those associated <br />with the Twin Lakes project. <br />Whatare otherAlternatives? Many legislators tend to oppose special legislation as it <br />favors special law changes for only one community. Roseville would support the <br />proposed Statewide Urban Renewal Legislation being proposed by Senator <br />Pogemiller. The purpose of this tool is to allow communities with significant <br />redevelopment challenges such as Roseville's Twin Lakes to finance area-wide <br />� <br />