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Councilmember Elvig proposed the issue of requesting personal guarantees from the RTC group. <br /> <br />Mayor Gamec noted that banks would be much more likely to increase the amount of the letter of <br />credit once development begins to occur on the site. <br /> <br />Councihnember Kurak inquired if all the other options for security will be removed from the <br />development agreement as part of this process. <br /> <br />City Administrator Norman replied that the development agreement would still include all <br />options. <br /> <br />Councilmember Kurak inquired if they are trying to make the project affordable so they can keep <br />the project moving forward. <br /> <br />City Attorney Goodrich replied yes. <br /> <br />Tim Engen, Ramsey Town Center, LLC, explained that in order for them to comply with the <br />precedence that has been set in Ramsey they have decided to proceed with the sub-phase plan for <br />two reasons; cash availability and weather. He explained that their main focus of work that has <br />to occur before winter is the area east of Rhinestone. RTC is ready to post a letter of credit in the <br />amount of 2.7 million dollars that will be used through the process. At this point they hope the <br />process can be handled more administratively rather than turning into a legal issue each time. <br /> <br />Councihnember Kurak stated that she would prefer that RTC be able to work with staff rather <br />than having to come to the City Council each time. <br /> <br />Mayor Gamec requested that staff keep the City Council updated as to what is happening as the <br />developers proceed to each phase. <br /> <br />Councihnember Elvig stated that the City is now in a management role and he proposed that <br />there be a bi-weekly production meeting where they would receive an update as to what is <br />occurring. <br /> <br />Assistant Director of Public Works Olson noted that staff will be holding weekly construction <br />meetings that the Council is invited to attend. <br /> <br />Councilmember Elvig stated that the more informed the Council is the better they will be at <br />assisting in selling the development. <br /> <br />Mr. Engen stated that the development agreement calls for the creation of a Ramsey Town Center <br />review board, which will be an exciting board to participate in. <br /> <br />Councilmember Kurak requested that the Council be provided information weekly on when those <br />construction meetings will be held. <br /> <br />City Council Special Meeting/October 7, 2003 <br /> Page 4 of 5 <br /> <br /> <br />