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the regional pond is completed. The existing temporary pond constnicted <br /> to handle the storm water for the new building on the fanner Midwest <br /> Great Dane site will have to be expanded to handle the drainage from the <br /> proposed medical facility as well as future development on the remainder of <br /> the Ramsey Lindig site. Ryan Companies has indicated that they would <br /> like to begin construction of their phase. II office/warehouse building in <br /> April of 1994. The expanded temporary pond would mead that they could <br /> only develop a portion of this building. Ryan Companies has requested that <br /> the City reimburse them for the cost of expanding the temporary pond. <br /> Funds are available to the general TIF pool to cover these costs. <br /> 4. The City will have to authorize execution of a new development agreement <br /> with the Twin Lakes Medical Center Limited Partnership for the new <br /> medical center. Major provisions of this agreement would include the <br /> following: <br /> a. The City would provide a tax increment financing package with <br /> a total value of $],100,004. The package would include City <br /> upfront out of pocket costs of $735,000. These ffinds would <br /> reimburse Ryan for acquisition and demolition costs for the <br /> Mack Hotel site and the Hart parcel at 1843 W. County Road C <br /> In addition t0 the Lip front out Of pocket costs, the City would <br /> waive the 1% fee which we typically receive for tax increment <br /> financing projects which would equal approximately $53,Q00. <br /> The City would also receive a credit for the 104,000 sq. ft. of <br /> the Ramsey Engineering property. This credit would equal <br /> $3.00 per sq. ft. or approximately $312,000. The City would <br /> recover its $1,1001,000 total investment in the 10-12 year time <br /> frame from the tax increment generated by the project. The City <br /> would not participate in the cash flow or share in the proceeds if <br /> the pr oject is sold as we have done in other deals with Ryan <br /> Companies. <br /> 5, The City will have to extend Arthur Street to the north and construct the <br /> regional storm water holding pond. The City Public Works Department is <br /> working to estimated the cast of the regional pond. Possible ffinding <br /> sources for this would include special assessment, MSA fiords, stone water <br /> utility finds, and funds from the tax increm ent pool. <br /> 6. The City is also working with Ryan Construction and Northern States <br />