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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 />POINT TOWARD A WORKABLE PLAN. RIGHT NOW WE <br />DON'T KNOW. <br /> <br />THIS IS NOT A FINANCIAL PLAN THAT WILL PERMIT <br />THE SALE OF TIF REVENUE BONDS, EVEN ACCORDING TO <br />MR. CASSERLY. PLEASE NOTE HIS LAST COMMENT: "IN <br />FACT, TIF REVENUE BONDS WILL NOT BE ISSUED UNLESS <br />THE BONDS HAVE BEEN FULLY GUARANTEED BY THE <br />DEVELOPER, OR THE PROJECT HAS BEEN COMPLETED". IT <br />WILL TAKE-AT LEAST -- FROM 2 - 4 YEARS TO COMPLETE <br />THE PROJECT. INTEREST COSTS DURING THAT TIME <br />WOULD BE ABOUT 5 TO 10 MILLION. THESE COSTS ARE <br />NOT REFLECTED IN THE FINANCIAL PLAN AS PRESENTED, <br />MAKING IT UNFEASIBLE. <br /> <br />I AM CONCERNED ABOUT THE ROLE OF MR. <br />CASSERLY IN ALL OF THESE FINANCIAL PLANS, AND <br />WHETHER THE DEVELOPERS ARE REL YING ON THESE <br />FIGURES, AND IF SO, IF THE DEVELOPERS HAVE A CAUSE <br />TO REQUIRE THE CITY TO "MAKE GOOD" ON THE <br />FORECASTED FIGURES. JUST WHO'S FIGURES ARE THESE? <br />THE CITY SHOULD BE MAKING NO REPRESENTATIONS TO <br />THE DEVELOPERS ON WHICH THEY SHOULD RELY. THEY <br />SHOULD BE MAKING UP THEIR OWN FINANCIAL <br />FORECAST. <br /> <br />6 <br />
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