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<br />Mr. Fifield stated that the proposal is divided into three areas: the first is to assist staff in <br />the process of analyzing the City's existing TIF Districts and provide recommendations; <br />the second area is to create a comprehensive financial plan related to the future <br />development of the Ramsey Town Center property and additional public improvements <br />and how these costs will be apportioned across the property to guide the sale. of the land; <br />and the third area would be to assist with planning for future capital improvements by <br />identifying potential funding sources and strategies for each of the potential projects. <br /> <br />It was noted that the City Council has made a decision to not decertify the TIF Districts. <br /> <br />Mr. Fifield stated that if the decision is made to keep the Districts in place - now they <br />become a tool - these are assets and we should talk about how we apply them. <br /> <br />Chairperson Look stated that the City has just had a meeting of the Ramsey Town Center <br />Steering Committee and talked about three different plans/exit strategies: 1) Sell the <br />City-owned property to one big developer; 2) Sell to a few small developers; or 3) Get <br />lots ready and sell lot by lot. He inquired if this financial plan would take into account <br />any or allofthese exit strategies. <br /> <br />Mr. Fifield replied yes, this model should build on the work staff has already done; we <br />will test different development scenarios. <br /> <br />Councilmember Wise stated that there are certain improvements in the Town Center that <br />need to be paid for. <br /> <br />Mr. Fifield agreed there are improvements independent of the development of the <br />Ramsey Town Center - there are investments the City has to make in order to have <br />economic interest in the land. We have to answer transit development in a separate <br />manner but it is all related.. How this is paid for is tied to what happens with the land <br />development. We would test the implications of what happens if we sell the land today <br />and receive taxes on it versus selling the land over 10 years at a higher amount. <br /> <br />Councilmember Elvig stated we are building a team to work on this project - we have <br />LSA and Landform - consultants that have been hired to work on the RTC project. He <br />wondered how to overlap them - to coordinate them so we are getting the most benefit <br />out of these entities. <br /> <br />City Administrator Ulrich stated that financing has to be a member of the team. The <br />team consists of Councilmembers, members of the public and business community and <br />we need to integrate finance people into this process to analyze financial impacts, etc. He <br />explained the roles of LSA and Landform and that Northland Securities would be a big <br />part of the steering committee. <br /> <br />Mr. Fifield stated that they have no interest in doing what the other consultants are doing <br />- like Landform, LSA, etc. Their role will be completely different. <br /> <br />Finance Committee - August 11, 2009 <br />Page 2 of6 <br />