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City Administrator Norman explained that the Park and Ride facility would be constructed in the <br />parking structure east of City Hall. The,plan would be to construct a surface lot initially with the <br />footings required to complete a structured parking ramp. <br /> <br />Councilmember Elvig stated that on page 2 of the development agreement it discusses the goals <br />of the City and HR& as well as the goals of the developer. He thought that the goals for the City <br />should include such language as provide a friendly safe environment, livable community, park <br />and green space, etc. Mr. Elvig also felt that the developer's goals should include a statement <br />that they would like to profit doing so. He also questioned if it was possible to negotiate what <br />that profit may be and include that in the development agreement. <br /> <br />Mr. Engen replied that it would probably be more realistic if they were going to be the developer <br />of the entire project, but that is not the case so he could not speak for the other developers. <br /> <br />Councilmember Cook stated that he would be against placing a cap on the profits that can 'be <br />made because a developer comes into the City and meets the City standards and takes the risk on <br />proceeding with a development. <br /> <br />Councilmember Elvig replied that the point wasn't that the developer should not make a profit, <br />but the City is putting money into the development and he was questioned if they could put a cap <br />on how far the profit goes. <br /> <br />Mr. Engen stated that they could stipulate the amount of the dollars the deVeloper will be <br />investing into the project, which is something he would not be disagreeable to. <br /> <br />Councilmember Z1mmennan inquired how long it would take the City to pay the debt back. <br /> <br />City Administrator Norman presented the City Council with the estimated tax generation from <br />the Town Center in comparison to the debt the City would incur. The amount of debt would be <br />$28,450,000 and the amount of revenue would be $48,6,'71,700. <br /> <br />Mayor Gamec inquired if the City would be collecting fees from the parking structure. <br /> <br />City Administrator Norman replied no, explaining that in the past the structured parking centers <br />that chm'ge for parking in retail areas most often fail. <br /> <br />Councilmember Elvig inquired if the developer was proposing that there would be associations <br />tl~roughout the Town Center to maintain private spaces. <br /> <br />Mr. Engen explained that there would be a number of housing associations as well as retail <br />associations to maintain their areas. <br /> <br />Coun.cilmember Kurak stated that they. have been talking about the City owning the structured <br />parking facilities, but questioned if it would be possible for the retail owners to own and maintain <br />the structures. <br /> <br />City Council Work Session/July 15, 2003 <br /> Page 5 of 8 <br /> <br />-9- <br /> <br /> <br />