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ARDEN HILLS SPECIAL CITY COUNCIL WORK SESSION—JANUARY 16, 2019 2 Councilmember Holmes stated she had a problem with Items B and C on Page S 1. She recommended the word contemplates be changed to provides. Mayor Grant asked if Alatus had to be named within the agreement. Councilmember McClung commented the cooperative agreement was between the City and the County. Further discussion ensued regarding the phasing of the TCAAP development. Councilmember Scott requested further information on how staff defined vertical developers. Ms. Kvilvang stated TCAAP would have multiple vertical developers and one master developer. Councilmember Holden questioned how the City would get its money. City Administrator Perrault stated planning area charges would be paid directly to the City at the time of platting. Ms. Kvilvang reported the City would be doing all of the calculating to ensure the City is paid properly for the planning area charges. Councilmember Holmes commented on the City utility fees and asked if the City would have to borrow in order to install the utilities. Ms. Kvilvang explained the City will issue the County a note. She said the County would front the money to pay for the utilities. The City would then pay the note upon receiving city SAC and WAC fees. Mayor Grant questioned what the interest rate would be on the note. Ms. Kvilvang reported the interest rate would be 4%. Councilmember Holden stated this was significant money because the development was being phased in a different manner than was originally planned by the City Council. She asked if the 4% was negotiable. Ms. Kvilvang commented the interest rate was negotiable. Councilmember Holden discussed the interest rate on the note. She asked how long it would take the City to build a water tower. City Attorney Jamnik estimated this would take a year to complete between drafting plans and actual construction. Councilmember Holden requested further information on Option 21).