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FC#l CONSIDER PROPOSAL FOR STRATEGIC FINANCIAL PLANNING SERVICES . By: Diana Lund, Finance Officer Heidi Nelson, Deputy City Administrator/Director of Community Development Background: Northland Strategies, a division of Northland Securities, the city's financial adivisor, met with the Finance Committee at its August 11, 2009, meeting and presented its three-part proposal which was divided into the following three areas: The first area would be to assist staff in the process of analyzing the city's existing TIF districts and provide recommendations regarding the value of potential decertification or keeping the districts in place and utilizing the revenue to offset various project costs. The proposed cost of the TIF analysis is $3,200. The second area would have Northland creating a comprehensive financial plan related to the future development of the R TC property that would take into consideration additional public improvements required for the project and how those costs will be apportioned across the property and create a financial model that would guide the sale of the land. The proposed cost for the R TC financial plan would be $10,400. The third area of the proposal would assist with planning for future capital improvements by identifying potential funding sources and strategies for each of the potential projects. The cost of this proposal is $3,200. At the August 11 meeting, the Finance Committee recommended approval of areas two and three which related to the future development of the RTC property and planning for future capital improvements in an amount not to exceed $13,600. The TIF proposal was not included as Council had previously given the direction that they want to retain the TIF districts until their actual decertification date. As Landform had been retained by the City after Northland's original proposal, Northland wanted an opportunity to clarify the scope of work with Landform and the City and present an updated proposal to council at its next Finance Committtee meeting. Northland has revised their financial scope of work into the following sections: Capital Improvements: This section will focus on how the City can fund its major capital improvements starting with those that the City will be facing over the next five years such as the commuter rail station and the Armstrong Interchange. Costs of this scope is not to exceed $3,200.00. Ramsey Town Center: With the process of Landform creating what is known as "dashboard" costs for the Ramsey Town Center area, Northland will explain what the financial implications are to the City. The costs of this scope has been left open as the nature of Northland's work is influenced by Landform's visioning work and the subsequent sale of the land.