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<br />ARDEN HILLS CITY COUNCIL WORK SESSION - JULY 21, 2008 <br /> <br />10 <br /> <br />Councilmember Holmes asked what the 1 % fee of $4.9 million would be. <br /> <br />Mayor Harpstead indicated this totaled $49,000. <br /> <br />Councilmember Grant stated he was in favor of offering the funds lower than 1 0/0 <br />and would be in approval of further negotiations. <br /> <br />Councilm~mber Holden agreed but did not want to see the negotiations lowering <br />the fee less than Yl%. <br /> <br />Councilmember Holmes was in favor of further negotiations. <br /> <br />Councilmember McClung was not in favor of negotiations at all. <br /> <br />Mayor Harpstead suggested staff negotiate and preferred not to negotiate at the <br />worksession. <br /> <br />Mayor Harpstead indicated however it was the Council's consensus at this time <br />go to forward with negotiations (4-1). He suggested Mr. Fenlon prepare further <br />information and present it to staff. <br /> <br />The Council further discussed the funding for Presbyterian Homes stating that they <br />have been before the Council in the past. Staff was directed to negotiate with Mr. <br />Fenlon and staff could bring the matter to the City Council. Staff could schedule a <br />public hearing to speed up the process instead of having the Council call for a <br />public hearing. <br /> <br />A. Continue the Discussion on the TCAAP Financials <br /> <br />Mayor Harpstead stated he would like to continue the TCAAP Financial <br />discussion at this time. <br /> <br />Mayor Harpstead explained his concern with negotiating an internal rate of return <br />was that the timing elements would have to be negotiated very clearly because the <br />developer was in complete control. <br /> <br />Ms. K vilvang stated timelines could be added to the development agreement to <br />keep the City with some level of control. She indicated Ryan Companies does <br />want cash back as soon as possible because they are not guaranteed 150/0. <br />