09-13-1995 Council Agenda - Laserfiche WebLink

Home Browse Search

development proposal that fits the plan has been received. ► Create a pedestrian oriented "Main Street" along Middle Street, extending from the Market Place to Little Canada Road, and the south from Little Canada Road to facilitate development west of Lakeside Apartments. ► Define and implement an appropriate level of streetscape treatments for streets in the redevelopment area, with a focus on defming the area as a commercial district distinct from the rest of Rice Street, creating a comfortable and convenient pedestrian system, and using streetscape elements to control /calm traffic in the area. ► Work with Ramsey County and Roseville to define a street cross section and design for Little Canada Road as it turns back to the City. ► Work with Ramsey County to define a level of improvement for Trunk Highway 49/Rice Street through the redevelopment area when it turns back to the County. ► Include these improvements as tax increment eligible expenditures in the plans for TIF districts #3 -1, #2 -1, #3 and #5. Financial Implications: The construction of these street and streetscape improvements have significant financial implications. Their final form will be influenced by the ability to create a viable plan of finance. This plan will combine a variety of financial resources, including tax increment financing, property owner contributions (special assessments and/or special service district), and funding from other units of government. Time Frame: The timing elements of this implementation step are varied. The construction of city streets will be linked to specific development activities. Some decisions about Market Place Drive will occur in the near future with the redevelopment of Market Place. Future actions will determine the timing of improvements to Market Place Drive and Middle Street. Design decisions about streetscape improvements should be made in the next 12 months. Decertify and Re- Establish TIF District #3 -1 Rationale: This TIF District was originally created to be a key tool for financing the redevelopment of property around the intersection of Rice Street and Little Canada Road. The District was established in 1993. The decline in property values since its creation make it desirable to decertify and re- establish this tax increment financing district. This action will enable the base value of the District to be set at current lower values. This will Implementation !Draft - September 1, 1995} Page 4+9 Page 90