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07-21-08-WS
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07-21-08-WS
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8/26/2008 2:42:02 PM
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7-21-08 City Council Worksession Minutes
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Minutes
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7/21/2008
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<br />ARDEN HILLS CITY COUNCIL WORK SESSION - JULY 21, 2008 <br /> <br />12 <br /> <br />Councilmember Holmes asked if the Council completely understood the numbers <br />provided by Ryan Companies. <br /> <br />Councilmember Holden stated she understood the numbers and explained the <br />numbers provided by Ryan were in their favor and that the financing provided by <br />Ehlers showed more conservative land sale values. <br /> <br />Councilmember Grant indicated these numbers were truly invalid at this time, <br />until a rate of return was agreed upon by the Council. <br /> <br />Councilmember McClung explained he would like further information on the <br />internal rate of return on the vertical side of this project. <br /> <br />Ms. Kvilvang noted this could run roughly 8-120/0. <br /> <br />Councilmember Grant questioned how the City would be protected if the market <br />rate for properties greatly increased over the Ryan projections. <br /> <br />Ms. Kvilvang stated a look back would be used to continually review the numbers. <br />She indicated the developer was not excited about these look backs but that this <br />would be written into the development agreement. <br /> <br />Councilmember Grant indicated the vertical rate of return should be set along <br />with the land sale to give the Council a better picture of profits for the developer. <br />He stated this would provide for greater structure. Councilmember Grant <br />explained that without this information he would not be in favor of going forward <br />with with the developer's agreement. <br /> <br />Ms. Kvilvang stated this would be difficult because that means all 585 acres would <br />have to have a developer in place with proforma's submitted as to how this would <br />work financially. She indicated she could provide a mechanism or look back <br />provision when certain criteria are met. <br /> <br />City Administrator Moorse asked if the developer's agreement would set <br />thresholds. <br /> <br />Ms. Kvilvang stated the thresholds may not be defined specifically, but that each <br />developer that comes forward is required to go before the Council for review and <br />consideration to set terms and conditions. <br />
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