Agenda - Council - 07/14/2009 - Laserfiche WebLink

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<A~e · 8 CONSIDER PROPOSAL FOR STRATEGIC FINANCIAL PLANNING SERVICES By: Heidi A. Nelson, Deputy City Administrator/Director of Community Development With the recent acquisition of 148.5 acres ofland in Ramsey Town Center and the continued work on key transportation projects, staff is requesting the assistance of Northland Securities, the city's financial advisor, for financial planning services. The proposed work would be primarily focused on significant development projects and capital investments either underway or being considered by the City, as well as general fund obligations during this time of declining revenues. The proposed work would encompass three areas: first, Northland would an assist staff in the process of analyzing the city's existing TIF districts and provide recommendations regarding the value of potential decertification or keeping the districts in place and utilizing the revenue to offset various project costs. Secondly, Northland would create a comprehensive financial plan related to the future development of the Ramsey Town Center property that would take into consideration additional public improvements required for the project and how those costs will be apportioned across the property and create a financial model that would guide the sale of land. Thirdly, Northland would assist with planning for future capital improvements by identifying potential funding sources and strategies for each ofthe potential projects. The total cost of the proposal is not-to-exceed (NTE) $16,800. The costs for each section of the proposal are as follows: TIF Analysis - $3200, RTC Financial Plan - $10,400, and Capital Improvement Project Funding Analysis - $3200. Staffwould propose to fund the cost ofthis work via the Council Contingency Fund (current balance $49,800). Paul Donna from Northland Securities presented the proposal to the Council earlier this evening during work session. The proposal is attached to this report for Council consideration. Staff Recommendation: Consider proposal for Strategic Financial Planning Services from Northland Securities at a cost ofNTE $16,800 fun~ed from the Council Contingency Fund. Council Action: Adopt Resolution 09-XX, Authorizing Proposal for Strategic Financial Planning Services from Northland Securities. CC: 07/14/2009 Reviewed by: City Administrato .