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Economic Development/TIF Specialist Sullivan provided an overview of estimated revenues for <br />Ramsey Town Center, including the following information: <br /> · Estimated Revenue Per Year for Town Center Project: Years 2007'through 2015 <br /> · Estimated Town Center Build-out <br /> <br />Mr. Sullivan indicated the revenue estimates are based on the City's tax rate remaining at 'its <br />current level. Upon build-out, estimated to be in 2015, the City revenue generated by the Town, <br />Center Project would be $3,858,832 annually.. He advised revenue still needs to be matched with <br />debt, and the debt analysis has not yet been completed. <br /> <br />The Council discussed the following issues associated with the revenue estimates for Ramsey <br />Town Center: square footage, revenue, debt, residential forecasts, market values, impact of cash <br />flow on the 2006 budget, <br /> <br />Economic DevelopmentJTIF Specialist Sullivan indicated values can be easily changed in the <br />model being utilized if the Council has any suggestions for the fiscal impact analysis. <br /> <br />Mayor Gamec stated there was a meeting with himself, Councilmember 'Elvig, the City <br />Administrator and Bruce Nedegaard. Overall it was a very candid conversation that went well, <br />and' the communication should be better in the future. <br /> <br />Councilmember Etvig expressed confidence that Mr. Nedegaard will succeed in having the <br />restrictive covenant in Ramsey Town Center released in some fashion. <br /> <br />City Administrator Norman indicated the sale of the property controlled by the bank is scheduled <br />for Thursday of this ~veek. The-sale that has been agreed upon includes a- transfer of the <br />restrictive covenant to the new owner. He has sent an email that a transfer was not the direction <br />of the Council; the direction was elimination of the covenant. The City Attorney will suggest <br />language regarding this elimination to be added to the purchase agreement being considered at <br />the Council meeting tonight. This language will show the elimination of the covenant was very <br />ciearly directed by the Council. <br /> <br />MAYOR AND COUNCIL <br /> <br />City Administrator Norman announced the following: <br /> · There will be a group of City Managers from Indonesia touring the stormwater project in <br /> Town Center on Friday. Lunch will be served at Fire Station No. 1 at 1:00 p.m. <br /> Councilmembers are invited to attend. <br /> · Coborn's Grand Opening is scheduled for tomorrow morning at 9:00 a.m. <br /> <br />ADJOURNMENT <br /> <br />The Work Session of the City Council was adjourned at 6:55 p.m. <br /> <br />Respectfully submitted, <br /> <br />-50- <br /> <br />City Council Work Session / September 27, 2005 <br /> Page 2 of 3 <br /> <br /> <br />