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City Council Study Session - 07/19/04 Minutes - Page 19 those properties to produce an end result. Mayor Klausing noted the public policy question of whether the current use is inconsistent with the greater public good; whether the City wanted to eliminate truck terminals to accommodate different uses; and whether the policy being pursued is worth purSUIng. Further discussion ensued regarding orderly acquisition process as part of a development plan; use of Eminent Domain to secure key parcels for the proposed redevelopment; and the Council's condensation of the process into a series of decisions all at once, rather than in a more orderly process. Councilmember Ihlan opined that developers should be able to pay market value for land without the use of public monies. Mr. Noonan advised that the developer was paying the prevailing cost for acquiring truck terminals; and that, in a perfect world, the seller would be responsible for clean up costs. However, Mr. Noonan noted that, in past attempts to negotiate deductions or contingencies for the seller to pay a portion of clean up costs, negotiations were not successful. Mr. Noonan further noted that approximately 2/3 of the properties had been purchased or are in control of the developer, with several key pieces along Cleveland Avenue still pending. Mr. Casserly noted that attempts at legislation several years ago related to responsible parties and clean up of contaminated parcels had proven unsuccessful. Mr. Casserly introduced Greg Johnson, who performed the financial analyses provided for tonight's discussion. Mr. Casserly provided, as a bench handout, a more detailed analysis than the summaries provided in the Council packets. Mr. Casserly and Mr. Johnson reviewed the financial analysis and assumptions in great detail, including proposed square footages of business, retail and housing units; cash flow and present value analysis using various assumptions; projected market values of taxes payable in 2005 and current market value;