The development team consists of Roseville Properties, Welsh Properties and Rottlund Homes, all firms based in the Twin Cities. Their proposal suggests 730 housing units, 221,000 sf of office development and 331,000 sf of commercial and retail space.
The site is now a brownfield with contaminated soil and groundwater, and it is filled with semi-trailers scattered on old truck terminals. Pollutants are believed to be at the site. The proposal hinges on tax increment financing, in which the anticipated higher tax revenues from the redeveloped property would be used to pay for the improvements for a period up to 25 years.
City estimates suggest it would take $66 million to buy and clean up the land, but the tax increment financing proposal would cover only about $38 million of that. The city is looking at variety of different options to finance that gap.
But opponents are skittish about the proposed financial plan, and others resist bringing in a major retailer such as Costco to anchor a possible redevelopment. The foes also say potential cleanup costs of contaminated soil and groundwater are too great for the city to bear, and the proposal wouldn't be consistent with Roseville's comprehensive plan for the area.
They also worry about increased traffic in the surrounding area. The vote, which passed 3-2, does not commit the council to the developers. Public hearings regarding the project have been set with the city's planning commission next month.
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