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

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Strategic Financial Planning June 19, 2009 Page 4 • Armstrong Interchange. • Public Works Site and Facility. • Pearson Business Park Infrastructure. • Water System Improvements. Approach We propose a phased approach to planning for future capital improvements. This project focuses on creating an initial funding framework for these projects. Our goal is to provide preliminary information that ties into planning for TIF districts and Ramsey Town Center. If necessary, we will work with the. City to define a second phase of investigations that addresses specific issues and projects. Northland proposes to undertake the following tasks: 1. Work with City Staff via phone and email to collect information on estimated costs, potential funding sources and timing of each improvement project. 2. Prepare a funding profile of each project. The profile will include an inventory of options available to finance each project and the strengths and weaknesses of each option. Objectives of this task include: a. Identifying projects with clear funding strategies. b. Identifying projects with potential funding gaps. c. Identifying decision making and process factors. d. Providing information for use in evaluating alternative use of TIF funds and in financial planning for Ramsey Town Center. 3. ' Review profiles with City Staff. Northland will meet with Staff to review and obtain feedback on the capital improvement funding profiles. This meeting will be used to determine the need (if any) for a second phase of capital improvements planning. Northland expects to undertake and complete this work in July and August. Budget Northland will perform the tasks described above for a cost not to exceed $3,200. Future Planning As noted at the beginning of this memo, these tasks do not result in an overall financial plan for the City of Ramsey: They are, however, essential steps in a process of creating a plan. The completion of the tasks described in this memo will provide important guidance on next steps to creating a financial plan. As appropriate, we will work with the City to define investigations, costs and process for the next steps.