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Further discussion: The .Council debated which funding option should be considered. It was <br />noted the City had several significant grant opportunities that would help pay down the cost of <br />the interchange and if the grant applications were not successful, the City Council will consider <br />how to resolve the gap in funding. <br />Friendly amendment accepted by Councilmember Elvig and Mayor Ramsey to designate the <br />chosen financial package as follows: grant applications, TIF funding, and undesignated reserves. <br />Further discussion: The Council discussed types of bonding and reached consensus that it would <br />consider a deviation in the policy related to use of land sales to close a funding gap, but only as a <br />last resort. <br />Motion carried. Voting Yes: Mayor Ramsey, Councilmembers Elvig, Backous, McGlone, <br />Strommen, and Tossey. Voting No: None. Abstain: Councilmember Wise. <br />City Attorney Goodrich reported the appraiser has submitted preliminary numbers for the three <br />parcels and requested authorization for staff to open negotiations to acquire those three parcels. <br />Deputy City Administrator Nelson clarified that the project costs include land acquisition costs <br />and is part of the funding scenario. <br />Motion by Mayor Ramsey, seconded by Councilmember Tossey, to authorize staff to proceed <br />with preliminary negotiations on land acquisition. <br />Motion carried. Voting Yes: Mayor Ramsey, Councilmembers Tossey, Backous, Elvig, <br />McGlone, and Strommen. Voting No: None. Abstain: Councilmember Wise. <br />Councilmember Wise returned to the meeting at 7:41 p.m. <br />7.03: Discuss Property Acquisition Associated with the Riverdale Drive Extension <br />Project, from Alpaca Street to Traprock Street — Portions of this Discussion May be <br />Closed to the Public <br />City Engineer Himmer reviewed the staff report. <br />City Attorney Goodrich advised that under Minnesota Statutes, the meeting can move into closed <br />session to discuss acquisition negotiations for two parcels of property generally located south of <br />Highway 10 and west of Traprock Street. <br />Motion by Councilmember Elvig, seconded by Mayor Ramsey, to move to closed session to <br />discuss acquisition negotiations. <br />Motion carried. Voting Yes: Mayor Ramsey, Councilmembers Elvig, Backous, McGlone, <br />Strommen, Tossey, and Wise. Voting No: None. <br />Mayor Ramsey called the Closed Session meeting to order at 7:45 p.m. <br />City Council / January 24, 2012 <br />Page 5 of 6 <br />