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<br /> ARDEN HILLS CITY COUNCIL WORKSESS10N - MAY 19. 1997 2 <br /> - <br /> e. 1996 Informal Presentation. Audit Findings. Abdo. Abdo & Eick <br /> City Accountant, Terrance Post, introduced Mr. Steve McDonald, of the independent <br /> auditing firm, Abdo, Abdo & Eick. Mr. McDonald highlighted various aspects of the <br /> draft 1996 year-end audit results recently completed by their firm. A bench handout of <br /> their draft management letter was also presented for Council comment prior to formal <br /> presentation for Council acceptance at the May 27, 1997 City Council meeting. <br /> Mr. Post called the Council's attention to the excellent performance year reflected in tl1e <br /> Water and Sewer Funds, attributable to tl1ird quarter water sales, witl10ut which <br /> performance results would have reflected less positive results. <br /> Councilmember Malone commended the Finance Department on their excellent <br /> management of City funds. <br /> d. Gatewav Business Distriet (GBm. Feasibility Report <br /> City Administrator Fritsinger presented the second draft oftl1e Preliminary GBD <br /> Feasibility Report, which incorporated those revisions, refinements and corrections for <br /> street and utility improvements as previously reviewed by Council and staff, increasing <br /> . the total estimated project cost to $2,700,000. The final Feasibility Report is scheduled <br /> for formal presentation at the May 27, 1997 City Council meeting. <br /> Mr. Fritsinger advised Councilmembers that the time line for tl1e feasibility report and <br /> related items was continually changing with pending property acquisitions, discussions <br /> with developers, and other contingencies, but that timely staging of events needed to be <br /> considered in tl1e immediate future. <br /> Various options were discussed, and staff was directed to contact tl1e City of Shoreview <br /> regarding the level of Ramsey County funding for amenities in the Lexington Avenue <br /> area for tl1eir portion of the project. Those findings were to be referred to tl1e Highway <br /> 96 Task Force for their consideration and further recommendation to tl1e Council. Other <br /> considerations were whether or not tl1e City would bid infrastructure improvements, or if <br /> they would be included in the Welsh Companies' construction and development project. <br /> Chapter 429 issues, land acquisition, design and inspection considerations, Phase IV <br /> development, and C/I property tax rates were other discussion items. <br /> Mr. Post provided a cautionary note regarding proposed property tax reforms, and the <br /> dramatic affects those reforms would have on revenue forecasts. Mr. Post stated he <br /> would support Chapter 429 assessments, subject to tax increment financing supporting a <br /> portion of the debt load, with the developer paying remaining balances. <br /> - <br />