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<br />J. <br /> <br />CITY COUNCIL WORK SESSION <br />Topic Report: Strategic Financial Planning <br />By: Heidi A. Nelson, Deputy City <br />AdministratorlDirector of Community Development <br /> <br /> <br />Background: <br /> <br />During the Council work session of June 30, 2009, staff discussed briefly a proposal that <br />had been solicited from Northland Securities, the city's financial advisor, for financial <br />planning services related to several significant development projects and capital <br />investments either underway or being considered by the City, as well as general fund <br />obligations during this time of declining revenues. <br /> <br />The proposed work would focus in three areas; first, Northland would an assist staff in <br />the process of analyzing the city's existing TIP districts and provide recommendations <br />regarding the value of potential decertification or keeping the districts in place and <br />utilizing the revenue to offset various project c.osts. Secondly, Northland would create a <br />comprehensive financial plan related to the future development of the Ramsey Town <br />Center property that would take into consideration additional public improvements <br />required for the project and how those costs will be apportioned across the property and <br />create a financial model that would guide the sale of land. Thirdly, Northland would <br />assist with planning for future capital improvements by identifying potential funding <br />sources and strategies for each of the potential projects. <br /> <br />The total cost of the proposal is NTE$16,800. The costs for each section of the proposal <br />are as follows: TIF Analysis - $3200, RTC Financial Plan - $10,400, and Capital <br />Improvement Project Funding Analysis - $3200. Staff would propose to fund the cost of <br />this work via the Council Contingency Fund (current balance $49,800). <br /> <br />Paul Donna from Northland Securities will be present for the work session to review the <br />proposal. The proposal is attached to this report for Council review. <br /> <br />Action Statement: <br />A case has been placed on the r lar agenda this evening for consideration of the <br />proposal. <br /> <br />Reviewed by: <br />City Administrat <br />CCWS: 07 4/ <br /> <br /> <br />P1 <br />