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<br />City Council Regular Meeting - 02/14/05 <br />Minutes - Page 17 <br /> <br />4. Costs of all necessary environmental clean-up/environmental impact <br /> mitigation in connection with the redevelopment; <br />5. Costs of all consultant and other professional services in connection <br /> with the proposed redevelopment and Rottlund's application for TIF <br /> and other public subsidies; <br />6. Costs of defending litigation concernmg the proposed <br /> redevelopment; <br />7. Losses of future tax revenue to the City due to TIF and other public <br /> subsidies requested by Rottlund; and losses of current tax revenue <br /> due to hazardous substances sub-districts; <br />8. Costs of issuing TIF Revenue Bonds, including interest and other <br /> debts service costs, and analysis of impact on City debt load and <br /> bonding capacity. <br />The fiscal impacts analysis shall be completed before the City Council <br />takes any action to approve Rottlund's application for TIF and other <br />public subsidies for the Twin Lakes project, and before the City Council <br />takes any further action to approve or issue permits for the Twin Lakes <br />proiect. <br /> <br />Councilmember Maschka spoke in OpposItIOn to the motion, <br />opining that it stated the obvious and the referenced issues would <br />be addressed in the process currently in progress. <br /> <br />Mayor Klausing questioned City Manager Beets as to how staff <br />could quantify the referenced costs related to general fiscal <br />impacts. <br /> <br />City Manager Beets stated that a number of the referenced items <br />had been already analyzed as part of the pro forma provided by <br />Mr. Casserly on the City's behalf; noting that further refinement <br />would be part of the normal course of business once an <br />Infrastructure or Planned Unit Development (PUD) Agreement <br />had been drafted; once it was determined that a project would be <br />going forward, after a Redevelopment Agreement had been <br />negotiated. Mr. Beets cautioned Councilmembers that the <br />majority of the numbers were in a constant state of refinement <br />and should only be considered as estimates until more definitive <br />costs were available in the process. <br />