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2004_0920_Packet
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2004_0920_Packet
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all commercial projects developed within the community. Fiscal Disparities requires <br />some communities, like Roseville, to redistribute nearly 40% of their growth in <br />commercial property tax. This helps to fund projects where the commercial growth is <br />not as strong such as the inner cities and bedroom communities. These State policies <br />reduce the potential amount of new revenues generated by redevelopment. All these <br />factors coupled with the already high costs associated with redevelopment increases <br />the risk for developers and increases the financial gap and ability to fund the project. <br />Within Twin Lakes, the contamination costs alone are estimated to be over $5 million. <br />In addition, there are over $14 million in public infrastructure costs associated with new <br />roads, interstate ramp reconfiguration and traffic lights. All added costs that a developer <br />does not have to incur on vacant, clean land. <br />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 "floaY' whereby each year's tax increment <br />calculation would utilize that year's current local tax rate. <br />How Special Legis/ation Can Help - The existing tax increment district expires in <br />2014. Even if all of the parcels were to begin redevelopment in 20p4, 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 />
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