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L <br />Questions: Could the City be the development manager on its own? what funding sources are available both <br />internally and externally` would this be the most politically exposed position for the Council? Does this present <br />an opportunity for more City control{? <br />Definition: A "City controlled" redevelopment of Twin Lakes is a long term development solution and means <br />that the City would be more deliberate in development choices. The City would finance, acquire (i.e. get in the <br />chain of title), assembly, and sell the aggregated parcels to implernent the master plan. The City would tale <br />advantage of market tag for purchase} hold the land (called land banking), and resells the redeveloprmnt <br />opportunity on aggregated parcels. The City assures that the proposal will be accepted and approved, consistently <br />with the City's master plan. The property may or may be purchased at fair market value by the City either through <br />negotiation or by using/threatening the use of eminent domain to implement the public purpose plan. The City <br />may solicit proposals from the private sector for build -to -suit structures or simply sell such parcels on the open <br />market with covenants. Since this is a public sector initiative, City assurances are given for public assistance and <br />incentives, and the City provides coordination of uses, and financing and construction of public utilities, roads and <br />public amenities. The City is also responsible for AUAR modifications and environmental clean up to state and <br />federal standards. <br />