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Councihncmber Zimmerman stated that the 90-foot parcel was given to the City for roadway and <br />inquired if there was any stipulation that the land could not be built on. <br /> <br />City Attorney Goodrich replied no. <br /> <br />Mr. Bray noted that the developer is also requesting language that the City Hall site be restricted <br />for only City Hall use for a certain amount of time. The most difficult issue they have been <br />working to resolve has to do with structured parking in the TC-1 district. The City's draft of the <br />development agreement contemplated a process that would ultimately add up to three parking <br />ramps. There would be procedures in place that would allow the developer or the City to trigger <br />the development of those ramps. The ramps would be constructed by City issued bonds, and the <br />City would be responsible for 50 percent and the developer would be responsible for 50 percent <br />through assessment. That financing option has proven to be difficult. During the most recent <br />discussions, they talked about reducing that financing mechanism to apply to only the largest <br />ramp where 50 percent would be specially assessed against the commercial properties. A portion <br />of those assessments would be pre-payable on the sale of the land. They were still negotiating <br />the requirements of a letter of credit to assure payment of the special assessments while they are <br />outstanding. <br /> <br />Tim Engen, Ramsey Town Center, LLC, reviewed the development agreement process from the <br />Developer's standpoint, and provided a breakdown on developer costs and City costs for Phase I, <br />and Phase II of the development. <br /> <br />Councihnember Elvig inquired if it had been determined if the PACT Charter School was going <br />to be a taxable entity. <br /> <br />Mr. Engen replied that that is still to be determined. <br /> <br />City Administrator Norman presented a summary of the Town Center capital projects and the <br />estimated sources and uses as well as the estimated cash flow of tax revenues versus debt service, <br />personnel costs, and parking maintenance. He noted that the financial figures did not include the <br />Charter school as being a tax entity. The handout provided information indicating that the tax <br />revenue the City receives from the Town Center development will pay back the debt incurred by <br />the City with little or no impact to the City. <br /> <br />Mayor Gamec stated that the City will be faced with having to build a new water tower and <br />install new wells and questioned what that relationship would be with the development. <br /> <br />Councihnember Elvig stated that they all reviewed the fiscal impact study which takes into <br />account the entire City at build out and included the addition of two wells, a water tower, and <br />personnel growth. The Council then instructed the financial consultant to isolate the Town <br />Center project, which was what was presented. Between the two documents, the Council should <br />be able to answer their questions. <br /> <br />City Council Work Session/September 2, 2003 <br /> Page 3 of 8 <br /> <br /> <br />