City Of Roseville Selects The Cordish Companies And The Evergreen Company As Master Developer For Downtown
About the City of Roseville's Downtown Redevelopment Efforts
Through its Redevelopment Agency, the City has already invested $26 million in its downtown, leveraged with other private and public funds for a total of $80 million in upgrades in the past decade including streetscape projects, theater renovations, and facade improvements to 56 downtown businesses. In April 2009, the Downtown Specific Plan was approved, culminating a four-year planning process that involved community members, business leaders, and city staff. When the California State Legislature abolished redevelopment agencies on January 1, 2012, the loss of redevelopment financing required a proactive approach to financing future capital improvements identified by the plan. In response, the City Council approved the Downtown Public Improvement Program. This approximately $37 million dollar program uses local, Federal and State funds for the construction of capital improvements and programming. The local funds were collected as part of development fee payment when construction was booming, and it is important to note that these funds are restricted to funding capital improvements and cannot be used for operations. The first phase of the program is currently under construction, the town square and Vernon Street infrastructure improvements.
Another tool that the City Council put in place was the Roseville Community Development Corporation. This private, non-profit development corporation was created in November 2010 to promote rehabilitation of existing buildings and development of new structures that reinforce the vision. The Sammy Hagar restaurant project is an example of how this tool has been utilized.
The Downtown Specific Plan also encourages the use of public/private partnerships, such as the Master Developer, as another tool to implement the vision for the Downtown. It is anticipated that this tool will promote vertical development of the now "shovel ready" sites in downtown.
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