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Councilmember Kurak questioned if something relating to the first right of refusal would be <br />stated in the agreement. <br /> <br />Mr. Lasher responded in the affirmative. He explained they are not discussing changing the <br />underlying dcvelopment plan. <br /> <br />Mr. Feges indicated it would need to be identified contractually what parcels would be for the <br />public realm and what land would be at the private rate. <br /> <br />Councihnember Cook asked if the land taken over by the City would still be subject to the <br />architectural standards that have been put in place. <br /> <br />Mr. Lasher responded in the affirmative. <br /> <br />Councilmembcr Kurak asked if there is a problem with the public and private sector getting <br />together with any of the bonding. <br /> <br />Assistant Public Works Director Olson replied they were advised by bonding attorneys on the <br />need to assess for all the improvements they have suggested. That is the reason they have <br />proposed it this way. <br /> <br />City Administrator Norman indicated a bonding attorney has advised that the HRA would likely <br />be the authority that would be used for all the bonding in this Town Center project. <br /> <br />Finance Officer Lund explained regarding the funding, the numbers have not change fi'om what <br />was in the original agreement. It is state law that to bond for the parking ramp, 50 percent must <br />be specially assessed. <br /> <br />Assistant Public Works Director Olson indicated six million dollars is the minimum amount that <br />would bare to be bonded for. It is anticipated four million dollars would be paid by the City, <br />which would be a 60/40 split. <br /> <br />Jo Ann Olsen, LSA Design explained the 1.2 million dollars for Phase One and Phase Two <br />reprcscnts 20 percent of the total Phase One and Phase T~vo costs. The parking ramp shows <br />rottghly half` of' the parking ramp cost. The AUAR roads have always been a cost that has been <br />looming that they have been trying to determine how to capture. Originally the special service <br />district was going to be used, but they are actually in a better position with assessments. The <br />core area roads were always included in the cost and would now be assessed 100 percent back. <br /> <br />Cmmcihnember Kurak inquired about the impact on the people that live in the area. <br /> <br />Finance Officer Lund replied a special assessment would only go against this property. <br /> <br />City Council Work Session/June 15, 2004 <br /> Page 5 of 8 <br /> <br /> <br />