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City Council Study Session - 03/15/04 Minutes -Page 3 Roll Call Ayes: Ihlan, Maschlca, Schroeder and Klausing. Nays: None. 5. Hear a Progress Report on the Twin Lakes Stakeholder Panel (PF 3552) Community Development Director Dennis Welsch asked if the Twin Lakes agenda items could be shifted, inasmuch as Mr. Shardlow was not present for Agenda Item No. 5 yet, however all presenters for Item #6 were present. Without objection, the Council approved the agenda change. Community Development Director Welsch gave a brief background about the City's efforts to redevelop Twin Lakes. Mr. Welsch identified some critical tasks and issues facing the City. 6. Consider Resolution on Twin Lakes Contract for Exclusive Negotiations with Rottlund Homes and Hear a Report on Progress to-date on Financial Strategies (PF 3543) Jim Casserly of Krass Monroe, legal and financial consultants to the City; Todd Stutz of Rottlund; and Dennis Welsch discussed the model for a Master Redeveloper and the Master Redeveloper's obligations under the contract. Mr. Casserly spoke about the redevelopment challenges at Twin Lakes. Mr. Casserly spoke about the use of Tax Increment Financing (TIF). Some increment could be used for City administrative fees, fiscal disparities purposes; thus, not all tax increment in a TIF District goes for project expenses at the redevelopment site. Discussion ensued about the ramifications of the 2001 - 2002 state property tax changes. Councilmember Ih1an asked about the circumstances under which TIF may be appropriate and when TIF was not appropriate. Councilmember Ihlan asked about funding, other than TIF, for environmental remediation. Hear a Progress Report on the Twin Lakes Stakeholders Panel (PF 3552) Consider Resolution on Twin Lakes Contract for Exclusive Negotiations with Rottlund Homes and Hear a Report on Progress to-date on Financial Strategies (PF 3543)