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CC_Minutes_2004_0920
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CC_Minutes_2004_0920
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Last modified
7/17/2007 9:31:39 AM
Creation date
2/15/2006 12:18:38 PM
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Roseville City Council
Document Type
Council Minutes
Meeting Date
9/20/2004
Meeting Type
Study
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<br />SETTLED OVERALL. DEVELOPERS ARE NOT IN <br />CONTROL OF ALL THE LAND AT THIS TIME. <br /> <br />IN SHORT, OVER $8 MILLION OF COSTS HAVE BEEN CUT <br />WITHOUT ANY JUSTIFICATIONS PRESENTED, OR REASONS <br />GIVEN. <br /> <br />SUMMARY <br /> <br />OVERALL, MR. CASSERLY HAS BEEN ABLE TO MAKE <br />UP FOR THE 26 MILLION OF SHORTAGE HE CLAIMED IN <br />AUGUST, BY GRABBING SOME FIGURES OUT OF THE AIR. <br />THE STEPS TAKEN TO ACCOMPLISH THIS ARE <br />QUESTIONABLE AT BEST, AND SELF SERVING AT THEIR <br />WORST. <br /> <br />THIS IS NOT A PRUDENT FINANCIAL PLAN THAT <br />DEMONSTRATES REASONABLE FINANCIAL FEASIBILITY. <br />THIS IS MORE LIKE A "WISH LIST" WITHOUT APPROPRIATE <br />SUBSTANTIATION. <br /> <br />THIS IS NOT A FINANCIAL PLAN THAT WILL PERMIT <br />THE SALE OF TIF REVENUE BONDS. IF YOU DON'T <br />BELIEVE ME, ASK A MUNICIPAL BOND BROKER. IN FACT <br />THAT WOULD BE A VERY GOOD IDEA. YOU WOULD <br />DETERMINE WHETHER THE INTEREST RATE, THE <br />FINANCIAL DOCUMENTATION, THE TERMS, ETC, ALL <br /> <br />5 <br />
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