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Councilmember Kurak stated it could be ten years from now by the time this project <br />is completely done. The Enterprise Fund has to pay off this bond while they are <br />waiting for the money to be reimbursed into the fund. It is important to be clear <br />where the money is coming from. Her concern is if there is enough in that fund to pay <br />for 11 million dollars of bonding while they are waiting for buildings to be permitted <br />and coming on line while the rest of the City is going on as well. <br /> <br />Assistant Public Works Director Olson reviewed the projected balances of a 15 year <br />bond. <br /> <br />Councilmember Elvig inquired what the question is before the Council tonight. <br /> <br />City Administrator Norman explained if the Council determines to initiate a <br />comprehensive planning process staff would encourage the Council to initiate that <br />process and go ahead with a design process, as well as begin working with the <br />property owners. The Comprehensive Plan amendment will take between one year <br />and 18 months. <br /> <br />Councilmember Strommen questioned if they are discussing initiating Goal Three of <br />the Five Year Strategic Plan. She stated Goal Three is to create a planning process for <br />this whole area. She questioned why they would not go forward with that goal and let <br />that process get to this point, rather than start with this feasibility study that looks at a <br />few parcels and then go backwards into the whole area. <br /> <br />City Administrator Norman indicated it is clear there is consensus to start the <br />planning process, The feasibility study can be acted on separately, but it does need to <br />be acted on. <br /> <br />Mayor Gamec commented this is a big plan going into effect and there is a lot of land <br />that people want to develop that is not even included in this study. <br /> <br />Councilmember Cook stated the goals are intertwined with the fiscal impact. Taxes <br />will have to go up if they do not move forward with some of these projects. They <br />may not need the rooftops to support the Town Center; however, the more rooftops <br />there are the more successful the commercial properties will be. Sometimes they <br />need to put the people in to get the roads fixed. He thinks they need to step forward <br />on all these things at the same time. <br /> <br />Councilmember Kurak noted the feasibility study was done because it was paid for by <br />the developer. She questioned what the City owes the developer concerning this. <br /> <br />Assistant Public Works Director Olson explained the study shows this is feasible <br />because the City can afford it, but it is the Council's decision whether to put the <br /> <br />City Council Work Session/March 16, 2004 <br /> Page 5 of 7 <br /> <br /> <br />