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ARDEN HILLS CITY COUNCIL WORK SESSION — JUNE 9, 2025 5 Councilmember Holden asked how much we can bond per year. Financial Consultant Kvilvang said it is pretty much unlimited. This debt is supported by assessments; it doesn't count against the City's debt limit. Councilmember Holden said we had to add a piece from Arden Hills to TCAAP so it was redundant. She didn't see that number in here. Financial Consultant Kvilvang asked if that is the loop that Ryan is paying for in one lump sum. Public Works Director and City Engineer thinks that is Old Highway 10, across from Big 10. He will have to look at it. Financial Consultant Kvilvang said you can't reimburse yourself for that with bond proceeds. She asked if Councilmember Holden remembers the amount or how it was paid. Mayor Grant asked if we are discussing the section across from Bethel. The redundant loop. Councilmember Holden said we wouldn't have put that in, if it weren't for TCAAP. Public Works Director and City Engineer Swearingen said the one across from Big 10 extended north to Outlot A. Mayor Grant said we need to remember those that were put in for TCAAP. Councilmember Holden asked who would hold the 429. Alatus is talking about reverting and returning land if he doesn't want it. She is worried about where the 429 lands. Financial Consultant Kvilvang said 429 is statutory. You have to do a feasibility study for the improvements to figure out how much they will cost. Whoever owns the land will do a petition of waiver. That means they won't contest the assessments. They accept them for the improvements. If Alatus buys the land for $1.00, he does mass grading and something happens where he can't build anything. He owns the land and he will continue to pay those assessments. If there is a mortgage and it gets foreclosed, the bank will continue to pay those assessments. If the County wants to get it on a reverter because they will have to pay whatever Alatus has into that, the County will have to pay. The assessments won't get wiped out. Councilmember Holden said no matter who owns the 429 the City is covered. Financial Consultant Kvilvang confirmed. She said in the rare case of a foreclosure, they can sometimes be wiped out but they can be reassessed. Public Works Director and City Engineer Swearingen wanted to discuss the two segments identified. He asked if feasibility studies were done, and if not, can we do that after the fact? Financial Consultant Kvilvang said we can't reimburse ourselves with bond proceeds for prior costs unless there is a reimbursor resolution. The time clock has well run out for that. It would have to be paid through a different mechanism.