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l';conomic I)cvclopment/TIF Specialist Sullivan provided an overview of estimated revenues for <br />P, amscy Town Center, including the following information: <br /> · I.;stimatcd Revenue Per Year for Town Center Project: Years 2007 through 2015 <br /> · I:,stimatcd 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 />(~cnter Project would be $3,858,832 annually. He advised revenue still needs to be matched with <br />debt, and thc debt analysis has not yet been completed. <br /> <br />qhc (',ouncil discussed the following issues associated with the revenue estimates for Ramsey <br />Town (ientcr: square footage, revenue, debt, residential forecasts, market values, impact of cash <br />flow on thc 2006 budget, <br /> <br />l';conomic Dcvclopment/TIF 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 (}amcc 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 thc communication should be better in the future. <br /> <br />(',ot.ncihncmber Elvig expressed confidence that Mr. Nedegaard will succeed in having the <br />restrictive covenant in Ramsey Town Center released in some fashion. <br /> <br />('ity/kdministrator Norman indicated the sale of the property controlled by the bank is scheduled <br />I'or q'hursday of this week. 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 thc (~ouncil; the direction was elimination of the covenant. The City Attorney will suggest <br />langtmgc regarding this elimination to be added to the purchase agreement being considered at <br />thc (3otmcil meeting tonight. This language will show the elimination of the covenant was very <br />clearly directed by the Council. <br /> <br />MAYOI/AND COUNCIL <br /> <br />(~ity/kdministrator 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 /> (;ounci hnembers are invited to attend. <br /> - (*,oborn's Grand Opening is scheduled for tomorrow morning at 9:00 a.m. <br /> <br />AI),IOUIINMENT <br /> <br />Work Session of the City Council was adjourned at 6:55 p.m. <br /> <br />le, espcctl'tdly submitted, <br /> <br />City Council Work Session / September 27, 2005 <br /> Page 2 of 3 <br /> <br /> <br />