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<br />Jim Lasher, LSA Design, explained the changes made. To begin the takeover of the <br />Ramsey Crossings property - the actual price is $23,929,000 - Robert Muir has requested <br />the City build the public roads and utilities. Weare setting up a TIF District - that is the <br />primary change. Robert Muir wants this development agreement completed in 2006. We <br />will bring this. back for the last meeting in December. He asked Council to keep <br />Thursday, December 28 open on their calendar. The City will receive a letter of credit - <br />you will use that for debt. <br /> <br />Councilmember Jeffrey asked why the letter of credit would not be for the whole amount. <br /> <br />Mr. Lasher replied it is to purchase the property; the rest is for paving roads and the City <br />will not have expended any money for roads until July. <br /> <br />Mr. Norman stated that this is the development agreement - we are getting the pieces sent <br />section by section - the format will be the same - a detailed outline. <br /> <br />Mr. Lasher added there will be a purchase agreement attached too. <br /> <br />City Attorney Goodrich stated there are a couple of changes but not anything that would <br />be really important to the Council- it's things like types, etc. - very minor things. <br /> <br />Councilmember Elvig stated that we are aware discussions have been around a large <br />retail venue. <br /> <br />Mr. Lasher stated they are very close to signing a letter of intent. <br /> <br />Councilmember Jeffrey stated that we have talked about roadway improvements - where <br />do we capture that Robert Muir will take care of roadway improvements - where will that <br />show up in print. <br /> <br />Mr. Lasher stated 5.11 - he read it and pointed out the four roadways. <br /> <br />Councilmember Jeffrey stated that somewhere in print it will say that the public <br />roadways will be funded by the developer. <br /> <br />Mr. Lasher stated that the company has been requested to participate - they have not <br />responded yet. <br /> <br />Mr. Goodrich stated that the extension of c.R. #116 will be just a City road - not a <br />County Road - at least temporarily. <br /> <br />Mr. Lasher stated that the agreement is that they will be assessed 50 percent of the entire <br />road. <br /> <br />Special City Council- November 21,2006 <br />Page 2 of3 <br />