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<br />City Council Regular Meeting - 02/28/05 <br />Minutes - Page 23 <br /> <br />Councilmember Ihlan addressed, for the record, her accuracy in <br />describing the public financial assistance request by the <br />developer for $40,000,000; as allegedly disputed by Mayor <br />Klausing in a recently-published Pioneer Press editorial. <br /> <br />Councilmember Ihlan questioned why construction of an office <br />building on the former Dorso property was not included at this <br />time, even though approved in the PUD Concept Plan. <br /> <br />Mr. Noonan advised that provisions for an office building were <br />included, but due to the fragility of the office market at this time, <br />the developer restricted the pro forma to land use valuation. <br /> <br />Councilmember Ihlan questioned if the office component was <br />included as a revenue source; with Mr. Strakota responding <br />affirmatively. <br /> <br />Councilmember Ihlan addressed her concerns regarding the City <br />subsidizing the cost of environmental clean up; which Mr. <br />Noonan noted was in accordance with City policy. <br /> <br />Councilmember Ihlan addressed her concerns regarding the <br />Master Developer's relationship in the construction process and <br />end-user cost and sales assumptions for build out. <br /> <br />Mr. Noonan addressed the relationship of the Master Developer <br />and sub-developers in the process, each with their own expertise <br />for residential, commercial or retail development. <br /> <br />Mr. Strakota addressed the relationship of three leading experts <br />in today's development market as co-developers in this proposed <br />project; and the reality of when his firm was staging various <br />components of the development as they related to the pro forma <br />assumptions and projections. <br /> <br />Mr. Noonan offered to revise the pro forma within several days <br />for review prior to the March 14, 2005 regular Council meeting. <br /> <br />Councilmember Ihlan questioned comments in the staff memo <br />related to projected developer profits. <br />