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Mayor Gamec noted that the largest concern of the Council is the ongoing cost of repair <br />maintenance on the parking structures. ~. <br /> <br />City Attorney Goodrich explained that the total cost of all three ramps is $25 million. The cost <br />of the first ramp would be 12 million dollars, which would be lm'gest ramp. That is the ramp that <br />is causing a lot of discussion. The major issue is the letter of credit because the developer would <br />like to use benctzmarks and the City woutd like more of guarantee with the letter of credit. <br /> <br />Assistant Community Development Director Trudgeon noted that the City did submit a ~ant <br />application for $2.5 million for the construction of a parking facility that they will find out in <br />December. <br /> <br />Councilmember Kurak stated that constructing a parking ramp eliminates the need for blacktop <br />parking lots. <br /> <br />Assistant Cormnunity Development Director Trudgeon noted that the City could create a special <br />service district to pay for the on-going maintenance costs of the ramp. <br /> <br />Councilmember Cook inquired as to why the benchmarks would be less beneficial than a letter of <br />credit. <br /> <br />City Attorney Goodrich benchmarks would show what they hope to happen; a letter of credit is <br />money in the bank if things don't happen. . <br /> <br />Councilmember Cook inquired if the benchmarks are based on development such as $200,000 of <br />retail value, don't they lmow that tax v~alue? <br /> <br />City Attorney Goodrich replied that they do know the tax wlue, but they don't have the <br />guarantee of knowing that development will occur. <br /> <br />Councilmember Elvig inquired if the development a~eement will ~ve any inclination that the <br />City will provide a civic center, connnunity center, or charter school. <br /> <br />City Administrator Norman replied that there is nothing in the development a~eement tying the <br />City to the PACT Charter School. The only thing tied to City Hall is the land offer, which would <br />be the developer would retain the land if not constructed in five years. In addition, there may be <br />discussions of a community center or winter gardens in the future if certain benchmarks' are met. <br /> <br />Councilmember Elvig stated that the preliminary plat approval for the Town Center was on the <br />Council agenda and inquired if there are protections in place, if they are to ~ant preliminary plat <br />approval. <br /> <br />City Attorney Goodrich explained that if the Council approves the prelimina~ plat, language has <br />been included stating that the City is not a~eeing to construction of any improvements or any <br />zonings. <br /> <br />City Council Work Session/August 12, 2003 <br /> Page 7 of 11 <br /> <br />-43- <br /> <br /> <br />