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P36 <br /> <br />expenditures of the Ramsey Town Center Project and the Municipal Center Project, prior to <br />bonding and bid letting of the project. <br /> <br />Further discussion: Councilmember'Elvig indicated he and Councilmember Strommen spent <br />time this morning with the consultants and lawyers going over different types of bondings. He <br />thinks the lease revenue bond is the type of bond that should be utilized due to the advantages to <br />the City. He stated he is all in agreement with the Municipal Center project, and it is correct to <br />do it in Town Center. He has seen ~the financial statement about the current City Hall site, and it <br />would require building a structure three or four times the size of the current building. His only <br />concern is the timing and where the revenue comes in the timing. The time to bid and bond for <br />this project is now as opposed to later, and his only quandary is the timing standpoint. <br />Councilmember Strommen stated the differenCe between the lease revenue bond and the GO <br />bond was about $600,000, which is minimal over the life of the bond. There are additional costs <br />associated with the GO bond, which would have a greater burden on residential homeowners. <br />Mayor Gamec stressed the need to go out for bid this sPring to-bring.in lower bids. He stated the <br />fiscal impact needs to be reviewed again, but his opinion is if they do not get this done and out to <br />bid before April they will be better off to wait until the next construction season. The Council <br />has studied this as to what is in the best interest for the City as a whole. Councilmember Cook <br />commented he does not think the timing will get any better than this. To put this off for another <br />building season would be a detriment and these are the best rates they will probably see. <br />Councilmember Jeffrey indicated he agrees with a lot of what has been said regarding <br />constructing a new Municipal Center versus something on the existing site. He also agrees they <br />need to keep their eye on the ball with the revenue projections. Councilmember Pearson <br />commented the City Hall is needed. It is something of a gamble but they have to look at the <br />projections and hope things work out. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Cook, Pearson, Elvig, Jeffrey, <br />Olson, and Strommen. Voting No: None. <br /> <br />Further discussion: Mayor Gamec stated this is a big thing for the City. There is a need for the <br />'facility and they will be able to operate in a more professional way with the new City Hall. He is <br />encouraged that the Council fully agrees on this. Councilmember Elvig stressed the issue of <br />timing. He stated the City is facing a lot of growth now. The Municipal Center is a great project <br />but they have to look at the growth that is paying for it. <br /> <br />Case #8: <br /> <br />Consider Authorization to Contract for Legislative Consulting Services for <br />Tax Increment Financing Special Legislation <br /> <br />City Administrator Norman explained as the City and the Ramsey Town Center (RTC) complete <br />the first 'amendment to the Master Development Agreement, it is time to begin discussions on the <br />development within the core area of the Town Center. There have been a considerable amount of <br />discussions concerning the possibility of an "Excelsior-Grand" project that would have a mixed <br />use of residential and retail space development completely sun'ounding the structured parking <br />facility. He explained the mixed-use/structured parki'ng project would potentially include retail <br />On the first floor and up to two floors of residential development above the retail space <br /> <br />City Council/January 25, 2005 <br /> Page 20 of 24 <br /> <br /> <br />