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CITY COUNCIL WORK SESSION <br />Topic Report: Fiscal Impact Study Update <br /> <br />By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The City Council approved a recommendation by the Town Center Task Force last year <br />and authorized a Fiscal Impact Study on April 9, 2002. Staff has been working with a <br />fiscal planner from the firm of Hoisington Koegler Group inc. (HKGi) in coordination <br />with Northland Securities Financial Consulting to develop the assumptions that go into <br />the development of this 15-year fiscal impact study. Rusty Fifield of HKGi is planning to <br />attend the Council work session to discuss the proposed fiscal impact study. <br /> <br />In 1999, the City had a similar fiscal impact study performed by Springsted Finance <br />Advisors. The study was only a five-year fiscal impact study and, thereby, missed the <br />decertification of TIF District No. 6, in the year 2006. A summary of the 1999 <br />Springsted Fiscal Impact Study is attached to this Topic Report. <br /> <br />Mr. Fifield prepared a status report of the current study and will explain the time <br />expectations for the completion of the study. Attached to this Topic Report is the status <br />report of the current fiscal planning analysis. <br /> <br />Action Statement: <br /> <br />Provide direction to staff to proceed with work on Fiscal Impact Study. <br /> <br />CCWS: 4/29/03 <br /> <br />-17- <br /> <br /> <br />