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

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Mr. Fifield stated that the proposal is divided into three areas: the first is to assist staff in the process of analyzing the City's existing TIF Districts and provide recommendations; the second area is to create a comprehensive financial . plan related to the future development of the Ramsey Town Center property and additional public improvements and how these costs will be apportioned across the property to guide the sale of the land; and the third area would be to assist with planning for future capital improvements by identifying potential funding sources and strategies for each of the potential projects. It was noted that the City Council has made a decision to not decertify the TIF Districts. Mr. Fifield stated that if the decision is made to keep the Districts in place — now they become a tool.— these are assets and we should talk about how we apply them. Chairperson Look stated that the City has just had a meeting of the Ramsey Town Center Steering Committee and talked about three different plans/exit strategies: 1) Sell the City -owned property to one big developer; 2) Sell to a few small developers; or 3) Get lots ready and sell lot by lot. He inquired if this financial plan would take into account any or all of these exit strategies. Mr. Fifield replied yes, this model should build on the work staff has already done; we will test different development scenarios. Councilmember Wise stated that there are certain improvements in the Town Center that need to be paid for. Mr. Fifield agreed there are improvements independent of the development of the Ramsey Town Center — there are investments the City has to make in order to have economic interest in the land. We have to answer transit development in a separate manner but it is all related. How this is paid for is tied to what happens with the land development. We would test the implications of what happens if we sell the land today and receive taxes on it versus selling the land over 10 years at a higher amount. Councilmember Elvig stated we are building a team to work on this project — we have LSA and Landform- consultants that have been hired to work on the RTC project. He wondered how to overlap them — to coordinate them so we are getting the most benefit out of these entities. City Administrator Ulrich stated that financing has to be a member of the team. The team consists of Councilmembers, members of the public and business community and we need to integrate finance people into this process to analyze financial impacts, etc. He explained the roles of LSA and Landform and that Northland Securities would be a big part of the steering committee. Mr. Fifield stated that they have no interest in doing what the other consultants are doing — like Landform, LSA, etc. Their role will be completely different. Finance Committee — August 11, 2009 Page 2 of 6