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Conncihnember Kurak questioned if bonds can be paid off early. <br /> <br />Finance Officer Lund responded in the affirmative. <br /> <br />Mr. Voss stated when this agreement is finalized Shingobee would like to be considered <br />candidates to purchase that property. <br /> <br />Mr. Lasher reviewed item eight of the Document. <br /> <br />Counci hnember Kurak asked if the City would become a manager of the referenced areas or if it <br />would be taken over by a managing firm. <br /> <br />Mayor Gamec indicated the management would likely be turned over to another corporation. <br /> <br />Councihnember Cook noted some of the ramps that were visited on the tour were situations <br />where the City would lease out the retail property and the funds would go into a separate account <br />that would pay for management of the properties. <br /> <br />Councihnember Strommen questioned if there would no longer be a special service district for <br />parks according to this item. <br /> <br />Mr. Feges replied that is correct. The issue was actually the AUAR improvements, not the parks. <br /> <br />Councihnember Strommen asked what the replacement vehicle would be on parks, as the <br />assessments were the replacement vehicle for the AUAR improvements. <br /> <br />Mr. Lasher indicated the agreement could remain as it is for parks. <br /> <br />Mr. Feges explained there is a framework set up with a master association for the whole project. <br />This was done so the master association could fund something like a performing arts center. <br /> <br />Councihnember Elvig expressed concern that property owners in a special district might protest <br />the taxation if the district takes a while to be established. He noted any time a property owner is <br />going to be taxed there are certain procedures that need to be followed, which could take up to 90 <br />days. it would be a bad situation to have petitions going backwards that would stop the <br />improvements. This will need to be addressed. <br /> <br />Councilmember Kurak questioned if the reciprocal easement agreement would be included in a <br />contract so everyone that buys into it understands the situation. <br /> <br />Mr. Lasher clarified this would just be on the commercial properties. <br /> <br />Mr. Lasher reviewed item nine of the Document. <br /> <br />City Council/June 29, 2004 <br /> Page 8 of 11 <br /> <br /> <br />