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<br />Finance Officer Lund indicated the timeline states June 27, as the date for final Council <br />authorization on the RFP's. <br /> <br />Councilmember Jeffrey inquired what the procedure will be if there IS not repayment by <br />December 31, 2006. <br /> <br />Finance Officer Lund indicated by that time it should be known who the developer is, with the <br />December 31 date written into the agreement. <br /> <br />City Administrator Norman stated the deadline to receive RFP's was Friday. Three very good <br />proposals were received; two of the three cover all of the soft costs, but one is short in many <br />areas. <br /> <br />Finance Officer Lund noted it was spelled out several times in the addendum that the developer <br />would be responsible for all soft costs. <br /> <br />Councilmember Elvig inquired what the soft costs will consist of. <br /> <br />Finance Officer Lund replied the soft costs would include things such as appraisals, legal fees, <br />acquisition costs for any type of eminent domain action, environmental costs, and a number of <br />different consultant costs. <br /> <br />Councilmember Elvig inquired ifthere is a breakout of soft costs available. <br /> <br />Finance Officer Lund replied there is not a breakout of the costs available at this time; she will <br />be receiving further information from Jim Lasher. The costs were estimated at 15% of the total <br />appraisal cost. <br /> <br />Councilmember Elvig inquired if the proposals include requests for City participation. <br /> <br />City Administrator Norman replied one proposal includes a $3 million TIF request, and another <br />includes a $5 million TIF request. His assumption is there will be some negotiations, and the <br />amount of participation will not be what is being requested. <br /> <br />Councilmember Elvig asked if staff is comfortable with the timing of December for repayment. <br /> <br />City Administrator Norman responded in the affirmative. He explained one of the developers <br />wanted to go through the planning process in July, which would have required the development <br />agreement to be in place by June 15. That timeline was too quick to be accommodated. <br /> <br />Councilmember Jeffrey inquired who will serve on the review team. <br /> <br />Finance Officer Lund replied the review team will consist of City Attorney Goodrich, Jim <br />Lasher, Economic Consultant Mulrooney, City Administrator Norman, Community <br /> <br />Finance Committee / May 9, 2006 <br />Page 2 of5 <br />