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· Jobs <br />· Staff Additions <br />· General Fund Expenditures <br />· Debt <br />· Conclusions <br /> <br />Mayor Gamec noted people have said Town Center will cost money and will be a hindrance to <br />the City. He inquired if the forecast can be plarmed so there will not be tax increases. <br /> <br />Mt'. Fifield replied the Council will have the ability to manage the property taxes and create <br />greater tax stability that is more level. <br /> <br />City Administrator Norman explained the Council can choose to lengthen out the principal Town <br />Center payments. <br /> <br />Mr. Fifield explained the operating levy drops down, which accounts for serving the additional <br />demand fi'om Town Center. He explained the City's growing revenue base grows faster than <br />expenditures, which allows the City to take on new debt. Town Center is both an asset and a <br />liability; however, the numbers suggest it is more an asset. <br /> <br />Councihnember Strommen requested a comparison of other cities that are similar in size to <br />Ramsey. <br /> <br />Councilmember Elvig commented the Council is the policy maker. If they hold off on a parking <br />ramp or City Hall for one year it changes this equation tremendously. These are all huge <br />elements they can look at to try to manage this. <br /> <br />Mayor Gamec stated this forecast is enlightening. It does not include grants or any other monies <br />tile City might acquire in the future, and the key is to acquire funding. <br /> <br />ME'. Fifield advised there would be risks in delaying projects such as City Hall, as the cost will be <br />higher and the interest rates could increase. <br /> <br />Councihnember Elvig indicated a policy should be made to use this forecast as a tool that is <br />updated yearly. In the next couple of years there will still be a tremendous amount of <br />development happening. <br /> <br />2) City Hall Project <br /> <br />City Administrator Norman explained action on City Hall was tabled until the fiscal impact <br />analysis was completed to better understand the tax impacts of the bonds for this project as well <br />as the other public improvement projects occurring over the next several years tt~'oughout the <br />City. Now that tile analysis has been substantially completed staff is seeking direction with <br />regard to the proposal for commencing design work for the City Hall/Police project. This project <br />can be put on the agenda for the City Council meeting this evening or on the agenda of the next <br /> <br />City Council Work Session/March 9, 2004 <br /> Page 2 of 4 <br /> <br /> <br />