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ARDEN HILLS CITY COUNCIL WORK SESSION — JUNE 9, 2025 6 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 or fee schedule that would have to be created. Councilmember Holden said we need to make sure that is included as part of the cost of putting in utilities. Councilmember Monson asked is there a question on the fee schedule for the thumb parcel. She doesn't see anything in the materials. She asked if there is a limit on when you can start the 429 assessment. Financial Consultant Kvilvang said we would start that process once the feasibility study is done. Councilmember Monson asked if Ryan will do SAC and WAC for the thumb parcel since they are already developing the land. Financial Consultant Kvilvang said it would be easier to use SAC and WAC but the numbers would have to be higher. They are paying a disproportionately low share. Councilmember Weber asked if the $8,950 covers moving forward? Not including the retroactive 10-acres? Financial Consultant Kvilvang said potentially. Because that's paid at the time of the building permit and they already have their permit. So this will be for the future phases. Mayor Grant said in the diagram there is a gap. He assumes the first bond would be the $4,620,000 and the second bond would be $9,300,000? Financial Consultant Kvilvang confirmed. The trunk utilities would be first. She asked Public Works Director and City Engineer Swearingen if we also have to do the booster station and the Roseville water main at the same time. Public Works Director and City Engineer Swearingen said the booster station is tied to the spine road. The Roseville water main is just being constructed at the same time. Financial Consultant Kvilvang said we would probably want to bond the first one at $6 million. The balance would come with the second bond issue. Councilmember Monson asked about the Ryan Companies. Is there a time limit on the 429? Because maybe the County builds in 2026, but what if they wait until 2028? Does it time out? Is it customary to go back 4 years after something is built? Financial Consultant Kvilvang said the feasibility study would be done sooner rather than later. The County will be undertaking that as part of the pricing. They need to understand what the costs are. We will know that up front. The County would have to be willing to waive it as the current owner because they haven't sold the other 30 acres to Ryan. Councilmember Monson asked if Staff knew when the feasibility study will be completed.