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<br /> ARDEN HILLS CITY COUNCIL - October 16, 2006 <br />. <br />. Ms. Kvilvang noted that the City of St. Anthony utilized 429 funds and funded the project for <br /> two years until the developmcnt team was brought on board. The City of St. Anthony also <br /> utilized revenue bonds for its redevelopment projcct. <br /> City Administrator W 01 fe noted that the master development agreemcnt will deal with the <br /> financial issues relating to the proposed TCAAP project. <br /> Councilmember Grant asked when the City Council would have the opportunity to review the <br /> financial proposals and convey their thoughts pertaining to the TCAAP funding mechanisms. <br /> Ms. Stacie Kvilvang said that the City Council will be sctting the project parameters up front and <br /> the consultant will come back with options for the City Council to considcr at a later date. The <br /> City Council will always have the final dccision regarding the project parameters. <br /> Council member Pellegrin askcd what are the biggest mistakes that other cities have made when <br /> bonding for development projects. <br /> Mr. Inman recommcnded that cities should always providc clear direction, conduct a sensitivity <br /> study, review market conditions, and follow all state statutes pertaining to bonding rcquirements. <br /> Councilmembcr Grant said that it is important for the City Council to understand the bonding <br />. parameters and the financial risks to the City. <br /> Councilmembcr Larson askcd Ehlers & Associates if they predict any changes at the state <br /> Icgislature pcrtaining to tax increment financing. <br /> Mr. Inman said that he is projecting no changes to thc TIF laws in 2007. <br /> Mayor Aplikowski thanked thc staff from Ehlers and Assoeiatcs for attending tonight's meeting <br /> and discussing public financing options for the City to consider in the future. <br /> Community Dcvelopment Director Karen Barton asked for the City Council's input regarding the <br /> existing framework vision and what aspects of the vision that they would like to sec changed. <br /> Councilmembcr Grant indicated that he would like to see the density of the proposed project be <br /> reduced by twenty-five percent. <br /> Couneilmember Holden askcd if the proposed TCAAP dcnsity was utilized by Ehlers and <br /> Associates when thcy presented the original financial plan. <br /> Ms. Kvilvang said that Ehlers & Associates did use the proposcd density levels in the original <br /> financial plan for the City. <br />. <br /> 3 <br />