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Mot/on carried. Voting Yes: Mayor Gamec and Councilmembers Cook, Pearson, Elvig, <br />Strommen, and Zimmerman. Voting No: None. Abstained: Councilmember Kurak. <br /> <br />Further discussion: Councilmember Elvig stated that with Phase I, the City is investing 6 million <br />dollars and for that they are expecting $43 million of commercial taxable property and $300 <br />million of taxable residential property and 6 to 8 million dollars of improvements on the <br />property, in addition to a letter of credit. There will be a final buildout value of 1.1 billion <br />dollars. The City creates revenue in excess of $3 million at buildout, but would suggest that is <br />conservative and will be twice that amount. Staff, Council, and the developers have come up <br />with a tremendous plan and he was very excited. With Phase I, he thought there was a <br />tremendous amount of documents and securities to protect the investment of the City and the <br />citizens of Ramsey. After Phase I they will know what is working and what is not. <br />Councilmember Cook stated that he viewed the development as a relationship between the <br />developer and the City to build something for the community. He stated that he was very <br />grateful for everyone that had put several hours into the Town Center development to get to this <br />point. Councilmember Pearson stated that a lot of work has been done on the development and a <br />lot of professional information has been involved. He thought that the Town Center was one of <br />the best planned projects the City has ever had. He commended staff for their hard work. <br /> <br />Case #2: Ramsey Town Center Final Plat Approval <br /> <br />City Administrator Norman requested that staff table action until the next regular City Council <br />meeting. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Cook, to table action on the <br />Ramsey town Center final plat approval until the next regular City Council meeting. <br /> <br />Motion carried. Voting Yes: Mayor Gamec and Councilmembers Elvig, Cook, Pearson, <br />Strommen, and Zimmerman. Voting No: None. Abstained: CouncilmemberKurak. <br /> <br />ADJOURNMENT <br /> <br />The special session of the City Council adjourned at 10:10 p.m. <br /> <br />Respectfiflly submitted, <br /> <br />Nanci Libor <br />Recording Secretary <br />TimeSaver Off Site Secretarial, Inc. <br /> <br /> /meCsV~-. 'Norman <br />~C~inistrator <br /> <br />City Council Special Meeting/September 16, 2003 <br /> Page 11 of 11 <br /> <br /> <br />