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ARDEN HILLS CITY COUNCIL WORK SESSION – JULY 18, 2016 5 D. Letter of Credit for Phase I Development Agreement – Land O’Lakes Interim City Administrator/Director of Finance and Administrative Services Iverson stated the City Council approved the Phase I Development Agreement for Land O’Lakes on Monday, July 11, 2016. The City requires financial security to be provided by a developer for required infrastructure and land alteration activities and it is City policy to require that security in the form of an irrevocable letter of credit issued by a Minnesota FDIC insured bank. The Development Agreement approved by the City Council at its last meeting incorporates that requirement. Interim City Administrator/Director of Finance and Administrative Services Iverson commented subsequent to that approval, the developer has informed the City staff and attorney that they “are bound by our credit agreement to issue any LOCs (Letters of Credit) through CoBank which is a Farm-Credit System bank headquartered in Denver.” The City attorney and staff have reviewed the developer’s request and recommend acceptance of the proposed financial security by the City Council for both Phase 1 and Phase 2. Staff requested feedback from the Council on the proposed financial security proposed by Land O’Lakes. Councilmember McClung questioned the difference between a farm credit system bank versus an FDIC insured bank. City Attorney Jamnik discussed the differences between these two entities noting City staff supported the farm credit system bank. E. TCAAP Communication Plan Stacie Kvilvang, Ehlers Inc., stated in August 2007 the City undertook a process to hire a Communications Consultant for TCAAP. The Communications Committee determined who to seek proposals from, interviewed those firms (Goff & Howard Inc., and Davis Communications) and ultimately recommended approval of Davis Communications. On October 29, 2007, the City approved entering into a contract with Davis Communications. Ms. Kvilvang explained that as a part of the process, Davis Communications sent a questionnaire to the Council to receive some feedback on what needed to be communicated so a plan could be drafted. Based upon this feedback and discussion with the Council, a draft plan was developed and provided to the Communications Committee for review and comment. The Committee made revisions and a plan was submitted to the City Council for consideration and approved in early 2008. Since the Plan was created for the planning that was underway with Ryan Companies, a majority of the content in those documents may no longer be relevant and a new Plan or outline will need to be put together by the City’s new communications consultant. Ms. Kvilvang recommended that the City Council interview candidates (or select two or three representatives to do the interviewing, one being the Mayor). She also recommended that the City follow the same process as last time. She reported she has compiled a list of firms to interview and that the City Council must select a date for interviews, which would take approximately four hours.