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4.0 PUBLIC ASSISTANCE & ROSEVILLE TAX INCREMENT FINANCING POLICY 4.1 Throughout the master plan process it has been assumed that the redevelopment of Twin Lakes could not successfully be achieved "but for" the use of public assistance; Roseville has concentrated its assistance on preparation of the land for redevelopment and counted on the private sector to design, build, own, and operate the structures. 4.2 The fiscal challenges of land assembly, business relocation, and razing of blighted buildings, along with environmental, infrastructure, neighborhood and market forces will require creativity, commitment and perseverance (time!) from a11 public funding partners but most importantly from the local community. The local benefits from redevelopment such as increased tax dollars, improved quality of life, improved environmental resources and quality jobs and new housing opportunities must continue to be part of the shared vision of the policy makers and community as the process moves forward. Staff has been working throughout the years to keep possible funding agencies informed on the redevelopment challenges and potential impacts of Twin Lakes - redevelopment of this magnitude is a challenge that no one entity can successfully address. 4.3 Roseville's current Tax Increment Policy was written at a time when the comple�ties of large scale redevelopment were not anticipated. The policy has not been revised to address changes in the tax law which reduces its impact on redevelopment projects. Although the policy is well written and conservative in its approach to site by site redevelopment, portions of the policy may need to be reconsidered in achieving the goals of major redevelopment within Twin Lakes. The following are portions of the existing Tax Increment Policy that the Council should consider as proposals for Twin Lakes are reviewed now and in the future. CI' icrent olic Su estedNeed for Change District Terms 10 years Initial fiscal studies, using the maximum densities, indicated that payback to "level the playing field" as vacant land can not be achieved within 10 vears. Type of Payback Pay-as-you-go only There may be a need to provide up front assistance due to the large infrastructure investment required. All excess tax increment funds sa�ed for construction of Twin Lakes Parkway have been depleted due to changes in the tax law in 2001 and close out of districts. A portion of the Twin Lakes site (Indianhead site) in no longer within any district. PF3232 — RCD — RP Proposal (102102) Page 3 of 4