Agenda - Council - 08/25/2009 - Laserfiche WebLink

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REPORT FROM FINANCE COMMITTEE By: Diana Lund, Finance Officer Background: CONSENT # X5 The Finance Committee met on Tuesday, August 11, 2009, and discussed the following four cases: CITIZEN INPUT There was none. APPROVE AGENDA Motion to approve the agenda as submitted. Case #1: Consider Proposal for Strategic Financial Planning Services Background: Mr. Rusty Fifield and Paul Donna from Northland Strategies, a division of Northland Securities (the City's financial consultant) presented a proposal for strategic financial planning services. The proposal (as attached) was divided into three areas: Analyze existing TIF districts, Create a comprehensive financial plan related to the future development of the Ramsey Town Center property, and assist with planning for future capital improvements by identifying potential funding sources and strategies for each of the potential projects. The total of each area was: Analyze TIF - $3,200; Financial Plan for RTC development: $10,400 and Future Capital Projects: $3,200 for a grand total of $16,800.. Much discussion ensued about how this study fits in with the Landform proposal recently accepted for the Ramsey Town Center Project area and that questions could be raised with regard to a competitive bid process for this financial planning service. In response, the Landform proposal presents a picture of what the Ramsey Town Center area could be built into, but the financial impacts need to be incorporated at the same time. In response to the competitive bid process for this proposal, the City has had a positive relationship with Northland since 1998. Staff, Northland and Landform had a meeting on August 17, 2009 as a follow-up to the Finance Committee meeting. After a more thorough understanding of what Northlands role is, Northland submitted a revised proposal, at the agreed upon budget amount of $13,600. Northland will be present at the Finance Committee Meeting of August 25, 2009 to discuss the revised proposal. A copy of the revised proposal is attached as part of the Finance Committee Agenda of August 25, 2009.