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the date of receipt of the first tax increment. Most redevelopment projects are difficult at <br />best and are notorious for requiring more assistance than economic development. This <br />is one reason the Legislature provided redevelopment districts with one of the longest <br />durations. If a housing project, which is one of the more difficult type of projects, is <br />targeted for a proposed redevelopment TIF District, limiting the use of tax increment to <br />12 years rather than 26 may prohibit the success of the project. Additionally, with the <br />2001 property tax reforms eliminating almost 40% of available development funds, it <br />may be prudent for the City and HRA to review this term limitation and consider <br />extending it to match the duration allowed by Minnesota Statutes. <br />We realize that we have provided you with a considerable amount of information in this <br />memorandum. After you have had an opportunity to review and evaluate it, please <br />contact us with any questions or comments. <br />G:\WPDATA\R\ROSEVILLE HRA\03\COR\HRA CITY BENNETT WELSCH MEM JRC 1.DOC <br /> Page 4 <br />