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Councihnember Kurak questioned what is being accomplished by the City getting involved that <br />could not be accomplished by the developer doing his job and leaving the City out of it so they <br />do not have to bond these enormous costs of the parking ramps and infrastructure. <br /> <br />City Administrator Norman advised the benchmarks are preventing the developer from moving <br />forward with the housing. With this agreement, the benchmarks could be removed and the <br />developer would be able to move forward with every other aspect of the project. The City would <br />get security in the land, as opposed to something that might not be able to move forward if the <br />market is not ready. If the City owns the land they will be able to control the timing. <br /> <br />Cmmcihnember Elvig stated the City has more tools to work with than the developer and more <br />muscle to bring things to the table, and a synergy could be created. <br /> <br />Councihnembel: Pearson commented he has talked to other developers that have stated Town <br />Center will not move ahead until they get the rooftops. The developers are surprised at the <br />benchmarks the City has put in place. He questioned if the costs will be paid as the property is <br />liquidated by the City. <br /> <br />Mr. Lasher responded in the affirmative. He advised as the City sells the property they would be <br />paid back at the rate of $3.67 per square foot. They would break even or make a profit. <br /> <br />Mt'. Fegcs stated if he were to remain as the developer of the site he would produce the same <br />level oF service and continuity to the project. The pledge of the land is saying he does not want <br />something lbr nothing and it is a security for the City. <br /> <br />Councihncmbcr Cook stated bis main concern is to have something contractual where the City <br />and the developer are not negotiating for the same property. He does not want the City to market <br />any of this. This is a master plan development and if they start throwing the City's conmmnity <br />center in or a store on the comer, it may not fit in with what the developer has sold across the <br />street. They should work out a negotiation that says the City would hold the land in earnest, but <br />Town Center LLC has first dibs on the purchase of the property before it goes up for any kind of <br />development. <br /> <br />Councihnember Strommen stated she concurs with the exception that the City would be a partner <br />with a community center. It makes it a lot easier for the City to participate if they have title to <br />the land, aud it gives them the option to participate. There may be some pieces where the City <br />may be more involved and some pieces where it may just be Mr. Feges working. <br /> <br />Councilmember Elvig stated in the group conversations they have had he has informed Mr. Feges <br />the City wants him included in this. Mr. Feges has suggested splitting revenues, and he likes that <br />idea because Mr. Feges would also be working hard for himself. <br /> <br />Councilmember Kurak questioned if the AUAR regional roadway serves the whole area. <br /> <br />Mr. Lasher replied it services the entire 239 acres. <br /> <br />City Council Work Session/June 15, 2004 <br /> Page 4 of 8 <br /> <br /> <br />