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<br />City Council Regular Meeting - 02/28/05 <br />Minutes - Page 24 <br /> <br />Mr. Strakota reviewed projections entitled, "net income" on the <br />summary page of the report, showing an approximate rate of <br />return of 8.5%, noting this was the low end of the range for <br />developers taking on the risk for this type of development. <br /> <br />Councilmember Ihlan and Mr. Strakota, along with City <br />Attorney Anderson, discussed proprietary information, <br />confidentiality and data practices requirements for use of such <br />information. <br /> <br />Councilmember Ihlan addressed her concerns related to the <br />status of environmental assessment of several properties not <br />under developer control at this time; acquisition time frames and <br />costs for additional studies. <br /> <br />Mr. Noonan introduced Chuck Bisek of American Engineering <br />Testing for a response to Councilmember Ihlan's question related <br />to environmental issues. <br /> <br />Chuck Bisek, American Engineering Testing. <br />Mr. Bisek summarized the various areas; work done to-date; <br />availability of property access; identification and consistency of <br />various environmental situations in the overall redevelopment <br />area; and known contaminant. issues to determine their <br />magnitude. Mr. Bisek noted that the contamination consisted <br />basically of petroleum products, given their previous use as truck <br />terminals, and the resultant groundwater contamination and <br />aquifer concerns and groundwater samples taken to-date. <br /> <br />Councilmember Kough questioned who had final approval for <br />remediation of a contaminated site. <br /> <br />Mr. Bisek responded that the developer was working with the <br />Minnesota Pollution Control Agency (MPCA) and their <br />voluntary petroleum and other programs; with all work being <br />done under the guidance of the MPCA. <br /> <br />Mayor Klausing thanked Mr. Noonan and presenters for the <br />information provided. <br />