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ready to go so when financing is available we are ready to move. He explained the shell is ready <br />to go for bid. He added that they are looking at fundraising and doing a study on tuition. <br />Councilmember Elvig asked about their original intent for financing. <br />Discussion ensued relating to the financing/private partnership with Hagemen Holdings. <br />Councilmember Elvig commented that now Legacy is going back for a more conventional type <br />of financing and that's not as appealing. <br />Mr. Green stated they are working through to get pro forma stronger — and in September, we <br />should be able to start re- approaching banks. <br />Financing options were talked about. It was stated by Legacy there is a gap in there — we are <br />working through pieces —we need to put this back on a regular pace. <br />City Administrator Ulrich stated we have a road project with Armstrong and Bunker Lake <br />Boulevards. That project is moving ahead Our concern is the assessments. Legacy has <br />indicated they will still pay assessments guaranteed on the value of the land. The City Attorney <br />is looking at that with a change in the schedule and we will update the Council. This should not <br />cause any problems with the project in planning a spring groundbreaking. <br />Councilmember Elvig stated there may be a request for a pass - through bond and wondered if that <br />is still an intention. It still has to go through the bank and he wondered if the City could do <br />something for Legacy. <br />Mr. Breen stated they have two fund streams but if the City knows of anyone who has a heart for <br />that project, they would be interested. Mr. Ulrich added that our financial advisor was at that <br />meeting as well. Discussion continued about seeing what is a value and a pledge to look for <br />potential partners. <br />Mayor Ramsey stated that he knows they have done a lot of work but he guesses we will have to <br />wait another year, but added that, at least the project will happen. <br />Councilmember McGlone commented about the mass grading, etc. and wondered if there could <br />be any construction at all — such as ballfields, etc. <br />One of the representatives from Legacy stated that we are working through that but he rather <br />doubted it. The key focus is to go forward with the road, etc.; and they do not want to hold that <br />up. <br />2.4. Consider Cost Participation for Access Improvements on Sunfish Lake Boulevard <br />Near Trunk Highway #10 <br />Director of Public Works Olson stated that, in 2008, Anoka County upgraded the capacity of the <br />intersection of Sunfish Lake Boulevard between Highway #10 and Bunker Lake Boulevard with <br />financial assistance from the City of Ramsey. He pointed out that this improvement <br />City Council Work Session — June 7, 2011 <br />Page 3 <br />