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<br />~ <br />~HILLS <br /> <br />Approved: August 25,2008 <br />CITY OF ARDEN HILLS, MINNESOTA <br />CITY COUNCIL WORKSESSION MEETING <br />JULY 21,2008 <br />5:00 P.M. - ARDEN HILLS CITY COUNCIL CHAMBERS <br /> <br />CALL TO ORDER/ROLL CALL <br /> <br />Pursuant to due call and notice thereof, Mayor Stan Harpstead called to order <br />the City Council Work Session meeting at 5:05 p.m. <br /> <br />Present: Mayor Stan Harpstead; Council Members David Grant, Brenda <br />Holden, Fran Holmes, and David McClung. <br /> <br />Absent: None. <br /> <br />Also present: City Administrator Ron Moorse; Assistant City Administrator <br />Noah Simon; Finance Director Susan Iverson; City Planner James Lehnhoff; <br />Stacie K vilvang, Ehlers & Associates; Steve Bubul, Kennedy & Gra'ven; <br />Tanya Spaulding, Shea; and Steve Fenlon. <br /> <br />1. AGENDA ITEMS <br /> <br />A. Continue the Discussion on the TCAAP Financials <br /> <br />Stacie Kvilvang, Ehlers & Associates presented the City Council with further <br />information on the proposed rate of return for the developer of the TCAAP site. <br />She indicated she had prepared further information regarding tax capacity and tax <br />increment amounts along with cash flow statements for the project. Ms. Kvilvang <br />noted a memorandum was included in the packet of information from Ryan <br />Companies outlining the risk elements underlying the proposed 150/0 rate of return. <br /> <br />Ms. Kvilvang reviewed the information presented at the last Work Session <br />meeting. She explained that Ryan Companies was requesting a 150/0 rate of return <br />on the money they invest into the TCAAP project. Ms. Kvilvang indicated a rate <br />