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<br />FC#l <br /> <br />CONSIDER PROPOSAL FOR STRATEGIC FINANCIAL PLANNING SERVICES <br />By: Diana Lund, Finance Officer <br />Heidi Nelson, Deputy City Administrator/Director of Community Development <br /> <br />Background: <br /> <br />In May, staff met with Northland Strategies, a division of Northland Securities, the city's financial <br />adivisor, to discuss the city's future capital investments and developments and the financial planning <br />for such. <br /> <br />The attached proposal, solicited from Northland, was discussed briefly with Council during their <br />worksession of June 30, 2009. This proposal would also interact with the work currently being <br />undertaken by the Landform firm regarding Town Center. Landform is to present the best economic <br />development of the RTC site and Northland would determine the proper financing tools. <br /> <br />The proposal is divided into three areas: <br /> <br />The first area would be to assist staff in the process of analyzing the city's existing TIF districts and <br />provide recommendations regarding the value of potential decertification or keeping the districts in <br />place and utilizing the revenue to offset various project costs. The proposed cost of the TIF <br />analysis is $3,200. <br /> <br />The second area would have Northland creating a comprehensive financial plan related to the future <br />development ofthe RTC property that would take into consideration additional public <br />improvements required for the project and how those costs will be apportioned across the property <br />and create a financial model that would guide the sale of the land. The proposed cost for the R TC <br />financial plan would be $10,400. <br /> <br />The third area of the proposal would assist with planning for future capital improvements by <br />identifying potential funding sources and strategies for each of the potential projects. The cost of <br />this proposal is $3,200. <br /> <br />Paul Donna.and Rusty Fifeld will be present at the finance committee to review the proposal. <br /> <br />Funding Source: <br />The total cost of the proposal is not to exceed $16,800. Funding would come from the Council <br />Contingency Fund, which would leave a balance of approximately $10,000. <br /> <br />Committee Action: <br /> <br />Motion to Recommend City Council Adopt Resolution #09-08;.XXX Authorizing Proposal from <br />Northland Strategies for Strategic Financial Planning Proposal in an amount not to exceed $16,800. <br />