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everything and then the City pays the developer back as the development proceeds and certa/n <br />criteria are met. " <br /> <br />Councilmember Cook inquired if the advantage would be that the developer would be invested <br />into the development for years. <br /> <br />City Administrator Norman explained that with the developer financing the project they carry the <br />risk to carry the value and if they create certain value than the City will do certain things. <br /> <br />Councilmember Elvig noted that he thought some of the population figures per housing unit were <br />somewhat conservative as well as the property values, which he thought was a good thing. He <br />also noted that the franchise fee does have a sunset date of tlzree years, which may require a <br />change in the analysis. Mr. Elvig inquired if the analysis was citywide projections rather than <br />solely Town Center. <br /> <br />Mr. F/field replied that the analysis is C/tywide. <br /> <br />Paul Donna, Northland Securities, noted that the assumptions do not include any additional <br />commercial or industrial gowth outside of Town Center. <br /> <br />Councilmernber Pearson inquired as to how they know if they are letting the City ~ow faster <br />than they can handle. <br /> <br />Mr. Fi field replied that that is the reason for completing the fiscal impact analysis, That does not <br />mean that the City will develop exactly as projected, but it does identify what the impact might <br />be on property taxes, <br /> <br />The Council reviewed the figures that were included in the fiscal impact analysis. <br /> <br />Mayor Gamec noted that the analysis should include the consideration of a third fire station. <br /> <br />Councilmember Zi. mmerman inquired as to what the City's total allowable bonding capability is. <br /> <br />Mr. Fifield explained that the City can bond two percent of the tax capacity, but that would only <br />apply to City Ha'll. Most of the tl4ngs the City would bond for would not be subject to debt limit. <br /> <br />Mayor Gamec inquired as to what the next step would be. <br /> <br />Mr. Fi field replied that the next Step would be to have the Council review the analysis and <br />provide any input so that they can have the best base line possible. Once they have the base line <br />they will look at options to try and limit the property tax impact. <br /> <br />City Administrator Norman noted'that some new developments were not included in the analysis <br />and possibly they should include more commercial/industrial development. He also suggested a <br /> <br />-6- <br /> <br />City Council Work Session/July 15, 2003 <br /> Page 2 of 8 <br /> <br /> <br />