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City Administrator Nort~l~m stated l~c recently met with two individuals from D.R. Herren and <br />tl~ey have indicated they xvill pay the monies up fi'o~t, representing standard business practice for <br />them. <br /> <br />Finance Officer Luncl aske¢t whe~ AUAR comes into play. <br /> <br />Assistal~t Pt~blic Wot'ks Director Olson stated it has ~ot yet been defined; however, it has been <br />suggested that Ramsey Boulevard is il~ 2005, Armstrol~g Boulevard in 2006, and Sunfish Lake in <br />2007. <br /> <br />Cotmcilmember l~,lvig sttttcct tl~tt ~:t~'l<et volatility ariel variable rates needs to be considered. <br /> <br />Cottncilmembcr Cook rcm~/rkcd l}~at al~other advantage may be to look at owning the parking <br />ramp a~d pass on tDc cxl~c~se to tl~¢ RTC. <br /> <br />Councilmcmber }21vig asked if the City can take money from land sales to pay down the bonds. <br /> <br />Finance Officer Lul~cl repliccl il~ thc aCfirmative, but at a rate of 80/20. <br /> <br />Councilmember Cool, ~sl<ctl ill 1'~'o~ z~ cngi~eeril~g standpoint, we are phasing the sewer and <br />water appropriately. <br /> <br />Assista~t Public Worl(s Director Olson replied in the affirmative, noting that Phase 2 roads are <br />not yet cot~structcd a~]d tl~c developer is responsible for constructing the roadway. <br /> <br />City Admi~istrator Nor~a~ started this item will be added to a Special Work Session for further <br />discussion with tl~e City Couucil. <br /> <br />City Attorney Goodricl] st:~tc~l xx'e :t~-c Wol'ki~g ottt an agreement xvith D.R. Horton and this <br />agrcemet]t will be t-cx'icxx'c'cl xx.'itl] tl~' (_'it3, Cot~la¢il. <br /> <br />Mayor Gamec expressed I~is clcsire to fi~alize all the Development Agreement and expressed <br />fi't~stratioD witlq tlae project. <br /> <br />City Admi~istrator No~'mttn expressed confidence that an agreement can be worked out to <br />everyone's satisfaction. <br /> <br />Councilmember Elvig stated that tBis is a major project that appears to have stalled. He stated <br />his i~terest in tBe Cit>, co~tint~i~ to I~l~y a~ active role in partnering with the developer. <br /> <br />Mayor Gamcc asked il' St:tl't' l~clicx,c's theft building at an aggressive pace will continue in the <br />foreseeable ftlturc. <br /> <br />City Cou~cil Wol'k Session/July 13, 2004 <br /> Page 4 of 6 <br /> <br /> <br />