Agenda - Council - 07/27/2004 - Laserfiche WebLink

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City Administrator Nommn stated he recently met with two individuals from D.R. Horton and they have indicated they will pay the monies up front, representing standard business practice for them. Finance Officer Lund asked when AUAR comes into play. Assistant Public Works Director Olson stated it has not yet been defined; however, it has been suggested that Ramsey Boulevard is in 2005, Armstrong Boulevard in 2006, and Sunfish Lake in 2007. Councihnember Elvig stated that market volatility and variable rates needs to be considered. Councilmembcr Cook remarked that another advantage may be to look at owning the parking ramp and pass on the expense to the RTC. Councilmember Elvig asked if the City can take money from land sales to pay down the bonds. Finance Officer Lund replied in the affirmative, but at a rate of 80/20. Councihnember Cool< asked iF, fi'om an engineering standpoint, we are phasing the sewer and water appropriately. Assistant Public Worl<s Director O1son replied in the affim~ative, noting that Phase 2 roads are not yet constructed and the developer is responsible for constructing the roadway. City Administrator Norman stated this item will be added to a Special Work Session for further discussion with the City Council. City Attorney Goodrich stated we arc working out an agreement with D.R. Horton and this agreelnent will be rcvicxvcd with thc City Council. Mayor Gamcc expressed his desire to finalize all the Development Agreement and expressed fi'ustration with the project. City Administrator Norman expressed confidence that an agreement can be worked out to everyone's satisfaction. Councihnember Elvig stated that this is a major project that appears to have stalled. He stated his interest in the City continuing to play an active role in partnering with the developer. Mayor Gamcc askcd it' Staff believes that building at an aggressive pace will continue in the foreseeable future. City Council Work Session/July 13, 2004 Page 4 of 6