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Councilmember Elvig stated that he is envisioning the same approach so the City can see if his <br />idea is even feasible. <br />Councilmember Strommen stated that, in a way, she thinks that makes sense before the City starts <br />drawing lines on a map. <br />Councilmember Elvig stated that nobody will negotiate with anybody until somebody has clear <br />control of the property. He stated that his question is whether the $2.5 million would be enough <br />to float the project for a few years. <br />Mr. Lasher stated that one thing really lacking on all of this is a real appraisal for the land value. <br />He stated that there should be a nationally certified appraiser that determines the value. <br />Councilmember Dehen stated that he thought the bank would do this as part of the due diligence. <br />Mr. Lasher stated that the bank does not have the necessary expertise. <br />Councilmember Strommen stated that clearly some of the banks did not do their due diligence or <br />they wouldn't have gotten involved in the project. <br />City Administrator Ulrich stated that there is also value tied up in the development agreement. <br />Mr. Lasher stated that in this scenario, the City would basically take on the role of master <br />developer. <br />Councilmember Dehen asked how many cities do that kind of thing. <br />City Administrator Ulrich stated that many times cities take over this role in redevelopment <br />projects. <br />Mr. Lasher stated that if the City is looking to be a master developer, then the first step should be <br />to understand the finances and then it can make a reasonable decision about how to proceed. He <br />stated that eventually the development agreements will have to be recalculated. <br />Councilmember Dehen stated that he intended no insult to Mr. Lasher, but would like to know <br />why he was the only consultant brought into the meeting. <br />City Administrator Ulrich stated that Mr. Lasher was brought in because his proposal was the most <br />comprehensive and he has worked with the City in the past. <br />Councilmember Dehen stated that it doesn't seem like a fair process to him just inviting one <br />consultant to the table. <br />Councilmember Elvig stated that Mr. Lasher has been involved in the Ramsey Crossings project <br />and has been intimate with this project and also did a lot for the parking ramp. <br />Ramsey Town Center City Council Subcommittee Work Session / July 22, 2008 <br />Page 8of10 <br />