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with a lower initial rate, such as $2,500, the agreement would be rewritten to reflect the initial retainer amount. It was anticipated that there would be considerably less work than the past couple of years for Mr. Levine and it was doubtful that the entire retainer amount would be spent during 2002. Motion by Mayor Gamec, seconded by Councilmember Zimmerman, to recommend that the City Council authorize a retainer in the amount of $2,500 for the services of Len Levine of Leonard W. Levine & Associates, Inc. Further discussion: Councilmember Hendriksen inquired as to what would happen if the funds are not entirely used. City Administrator Norman replied that staff could include a reimbursement clause in the contract. Councilmember Hendriksen stated that as long as the City is not obligated to spend the $2,500 then he could vote in favor of the motion. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Zimmerman, Anderson Hendriksen, and Kurak. Voting No: None. Case//2: Consider Authorization of a Fiscal Impact Study City Administrator Norman stated that the City received a fiscal impact of growth study in September 1999, from Springsted Public Finance Advisors, the City's financial consultant at that time. The purpose of the study was to develop a long-range financial plan and review existing financial management policies to ensure their consistency with the financial plan, identify opportunities to diversify General Fund revenues and increase the use of non-tax levy revenues, and explore the fiscal impact of different planning scenarios. The study was to focus on a five- year period ending in the year 2005. One of the problems with the five-year projection was that it did not take into account the decertification of Tax Increment Financing District No. 6, which is scheduled for the year 2006. At a recent meeting of the Ramsey Town Center Task Force, a recommendation was made to update the Ramsey Fiscal Impact Study by interjecting the new revenue projections, which would be brought about by construction of a new town center. It was recommended that the study encompass a ten-year period rather than a five-year period. Staff did contact the City's current financial consultant, Juran and Moody, and presented a proposal of $9,500 to do the fiscal impact study with HKGi. Funding for the study would be obtained from the Council Contingency Fund. Councihnember Zimmerman inquired if the City was able to take ten percent of TIF funds to be used for such studies. Finance Officer Lund explained that the City can use 10 percent of TIF funds for administrative fees, which this study would fall under. Councilmember Zilnmerman recommended paying for the entire study from TIF. Finance Officer Lund replied that that could be done. Finance Committee/April 9, 2002 Page 2 of 7