Agenda - Council - 07/13/2004 - Laserfiche WebLink

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Mr. Feges stated tiffs is a catch 22. It releases the benchmarks, but there would not be services to build out. If that is the situation they would not have achieved what they are trying to do with opening the operation to sell rooftops. Assistant Community Development Director Trudgeon explained Phase II road projects would start at a market value of 43 million dollars. Mr. Lasher explained the City will have the ability to assess the entire project to all the benefiting parties. However, there are questions as to how many of the benefiting parties will close and start making the payments, and how much will have to be financed over the long term. Phase II has been approved in terms of item four, which relates to Phase I and Phase II assessments. City Attorney Goodrich explained 43 million from the commercial development was planned as cash flow for Phase II, and RTC needs to inform the City where those funds will be coming from. Mr. Lasher reviewed item ten of the Document. Assistant Community Development Director Trudgeon explained there is an obligation in regards to D.R. Horton. The park development agreement needs to be signed and executed or they will need to pay funds to the City that will be put in escrow. Mr. Feges indicated he has met with Assistant Public Works Director Olson and City Administrator Norman in regards to where they are with the park plan. There was also a meeting with the Park Board and they came to the resolution that RTC will draw up a prescription of work showing the improvements on the parks and the scope of work. The costs add up to approximately 4.2 million dollars. He was going to propose to agree that now that they understand ali the components of the scope of work, if it is built for less, RTC will still complete the improvements. If the cost is higher, RTC will still deliver the prescription of work to the conm~unity. The goal was to have a quality plan in place and have that implemented. Mr. Lasher indicated if the Council feels comfortable with the agreement that has been presented tonight it can be signed by Mayor Gamec. This would direct legal counsel and RTC to move forward to create a docmnent and resolution to come back before the Council. City Attorney Goodrich indicated there will be a change in item 2, sentence 3, amending the Development Agreement to remove the requirement that funds be escrowed in connection with subsequent sales of the commercial property." Mi'. Lasher indicated information regarding the cash flow will be brought back before the Council for review. Mayor Gamec indicated the consensus of the Council is to follow through with this agreement. He would like to wait to sign the agreement until the changes and requested information that have been discussed are brought before the Council. City Council/June 29, 2004 Page 9 of 11