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<br />Discussion ensued relating to the fact that questions could be raised with regard to a <br />competitive bid process for this financial planning. Ms. Lund stated she has worked with <br />Mr. Donna for several years and is extremely satisfied with the services he provides. <br />Councilmember Elvig felt that it was a good idea to hire consultants that have a history <br />with the City - they have background information and knowledge of all that's going on - <br />and won't be focusing on just one project. Mr. Ulrich added that one key difference in <br />this contract is that we do have an on-going relationship with Northland Securities - they <br />are the City's financial advisors. This would be a supplement to what they have been <br />doing already. There is also the issue of timing. If we need the V A Clinic proposal out <br />tomorrow, we will want Northland Securities to help. <br /> <br />Councilmember Look inquired what the timeline is for the second and third areas of the <br />proposal. <br /> <br />Mr. Fifield responded that they saw this as a four to eight week endeavor. They will <br />collect information, do their part, and then work through the information together with <br />staff. <br /> <br />Councilmember Look stated that the market could change within the next year and he <br />wondered how this plan allows for the changing markets. <br /> <br />Mr. Fifield stated that their goal is to understand all variables and knit together all things <br />that have been done. We cannot predict a single plan for the area - we need all different <br />scenarios. We will want additional discussion with staff before we put together a final <br />contract. <br /> <br />Councilmember Elvig stated that the timeframe is a critical factor. We want to start <br />making decisions and we need to know some costs. We need to make sure we are up to <br />speed right away - we cannot afford to wait. He noted that the proposal is to pay for this <br />contract out of the Council Contingency fund - he wondered if it might be more <br />appropriate to take it out of the HRA fund. <br /> <br />Councilmember Wise stated that Northland is talking about giving us some information <br />oJ). developing the Town Center in different fashions. He would like to see the difference <br />of selling the land now at a lower price and what we would recover with taxes now <br />compared to selling it at a later date. He would like to see a dollar to dollar comparison <br />and that we need to know the net result of our actions. He added he would like to see the <br />land out of the City's hands. <br /> <br />Motion by Councilmember Elvig and seconded by Councilmember Wise to recommend <br />the City Council adopt the resolution to authorize the proposal from Northland Strategies <br />for Strategic Financial Planning in an amount not to exceed $16,800 with the funding <br />source to be the HRA fund if it is appropriate, otherwise, the Council Contingency Fund. <br /> <br />Finance Committee - August 11, 2009 <br />Page 3 of6 <br />