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ARDEN HILLS CITY COUNCIL WORKSESSION MINUTES MARCH 28, 2005 PAGE20F5 Ms. Kvilvang noted the County Assessor would review where the final purchase price was, land e values of similar types of property, as well as what the future use was going to be. Conncilmember Larson asked if they dropped the value because of the clean-up. Ms. Kvilvang stated that was a possibility. She then stated that Ehlers would review this. Councilmember Holden asked how the present school levy would impact this. Ms. Kvilvang asked which school levies she was referring to. Councilmember Larson stated he believed right now they had one operational and one capital school levy. Couucilmember Larson stated at the public hearing there was a question about Falcon Heights. He asked if staff had found out any further information. Ms. Wolfe stated they had a TIP district established in the 1990's where the developer went bankrupt and another developer took over the development. She noted this did not create difficulties because another developer took over the agreement. She indicated the developer that had taken over the project requested the City decertify the district, which the City did not want to do and this went to Court in which the developer lost. Bruce Kunkel, Economic Development Commission Chair, requested Ms. Kvilvang get back to the Council regarding Councilmember Holden's question regarding the school levy. e Councilmember Larson asked ifthere would be a series of TIP Agreements. Mr. Barr replied that was correct and each sequential phase of development could have separate a TIF. Councilmember Grant asked if this was approved, how would CRR planned to use it. Mr. Barr replied it meant the Council was facing the reality that for a property of this scale and nature, it will require some amount ofTIF and for different cities, TIP could be an issue and that was why they wanted to bring this to the table at this time. He indicated it was important to know if Council was or was not in favor of TIP because that decision would change the development. He noted it was clearly better to get a State and/or Federal grant as opposed to a TIP note or a special assessment. Councilmember Grant asked how CRR would use this document. Mr. Barr replied having this public financing policy in place would assist them in obtaining third-party financing. Councilmember Holden asked if the County could use some of this money for improvement of County roads. Ms. Kvilvang stated there was a provision requiring notification of the County it there was going to be an impact to County roads in which the County could require the improvement of the roads be used with this money. Mr. Barr stated it was his experience that this could be negotiated in advance with the County. Mr. Clark noted this was something they would be looking at with the County. e 2