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Councilmember Zimmerman stated that he had problems with granting preliminary plat approval <br />because assumptions do occur. <br /> <br />Councilmember Kurak noted that the difference with the Town Center plat is that they would be <br />platting outlots, not an actual development, which is different than other plats. <br /> <br />Assistant Community Development Director Trudgeon replied that that was correct. He <br />explained that before any building can be constructed they would have to go through the proper <br />process. <br /> <br />Assistant Public Works Director Olson noted that typically financial obligations are negotiated <br />between preliminary plat and final plat. <br /> <br />Mayor Gamec stated that he would like to know what the on-going routine maintenance costs <br />will be on the parking ramp. <br /> <br />Mayor Gamec recessed the City Council work session at 5:36 p.m. <br /> <br />Mayor Gamec called the City Council work session back to order at 5:45 p.m. <br /> <br />City Attorney Goodrich explained that they had reviewed the three main issues and inquired if <br />the Council felt that staffwas headed in the right direction. <br /> <br />Councilmember Elvig stated that it comes down to timing and the checks and balances of the <br />timing. The elements he liked the best was that they are looking at benchmarks as well as a line <br />of credit. <br /> <br />City Attorney Goodrich noted what they have requested for the principal financial of the Ramsey <br />Town Center LLC. He inquired as to how comfortable staff was with the timeline of proposed <br />development. <br /> <br />TIF Specialist Sullivan explained that the Ramsey Town Center LLC has given staff a time frame <br />of three years for build out and staff felt that was aggressive so they spread it out over a six-year <br />period, which is what they are basing their figures on. <br /> <br />City Attoruey Goodrich inquired as to what tools staff could use to provide a comfort to the <br />Council that the benchmarks would be accurate. <br /> <br />Councilmember Elvig replied that they possibly would not need those tools as long as the <br />benchmarks are in place and met. <br /> <br />Councilmember Cook stated that maybe they end up with a combination of a letter of credit and <br />benchmarks. What will make the difference for him is if they pass preliminary plat then they <br />have a buy down option on the land and then they have a significant investment to make the <br /> <br />City Council Work Session/August 12, 2003 <br /> Page 8 of 11 <br /> <br /> <br />