A proposed $32.6 million apartment building complex in the Twin Lakes area will not be receiving the $2.2 million in tax increment financing (TIF) its developers sought from the city of Roseville.
Twin Lakes Apartments, the developers of the Hagen property, are hoping to build 215 one-, two- and three-bedroom apartments at the property’s 2785 Fairview Avenue location.
The apartment complex would include underground parking and a 4,500 square foot clubhouse.
The Roseville City Council on Monday night decided not granting the developers tax increment financing for the project.
Tax increment financing is a standard public funding method for large infrastructure improvements; it waives some property taxes during construction with the belief that they will be recouped after the project’s completion.
Council member Robert Willmus said he did not want to use TIF because he didn’t think the apartment complex would create enough of an economic advantage to the city.
“What I’m looking for is long-term jobs, and this doesn’t get there,” Willmus said.
Mayor Dan Roe said, somewhat glibly, that the criteria the council would use in the future for allocating TIF money would be “jobs and wow.’”
To fund the Twin Lakes project, the developers have offered to bring in $7.4 million of their own equity and a $23 million mortgage. Now, it’s unclear whether the project will proceed without the $2.2 million in TIF assistance.