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Regular City Council Meeting Monday, October 22, 2012 Page 23 erating costs and future revenue stream impacting the overall performance of the project; and updated numbers continuing to be provided by the developer as more detailed assumptions are known; preference for City financial participa- tion to ensure a certain level of quality development; with the first phase antici- pated in 2013, and subsequent buildings proposed in the near future. Brian Solsrud Representatives of Development Team: Twin Lakes Apart- ments,LLC Mr. Solsrud advised that it was intended to phase the project over a three (3) year period; with the overall project dependent on if and how the City would fund the financial gap. In response to Councilmember Pust, Mr. Solsrud advised that, given the nature of the site and unknown environmental issues in the Twin Lakes Redevelop- ment Area, without public financing he didn't know if the project would not be- come impossible without TIF funding. Councilmember Willmus, in general, spoke in support of this beautiful project if the developer was spending its own money to accomplish the project, as he had also addressed in July when the City Council was first presented with the con- cept. However, if the developer was looking to utilize TIF dollars, Coun- cilmember Willmus advised that he wasn't sure if this was a project he could support, since he was looking for projects that would provide for office uses or corporate headquarters; and in turn provide high quality jobs; with which he would then be willing to provide TIF assistance to get such a project developed. Councilmember McGehee expressed interest in the developer's project, refer- encing an article in this past weekend's Star Tribune newspaper, and a similar project proposed in the City of Golden Valley. Councilmember McGehee stat- ed that she had contacted the City of Golden Valley to determine the specific of that project proposed at 142 units on 2.7 acres of land, consisting of a five (5) story building offering more amenities than this proposed development in Twin Lakes; and that project not requesting any TIF assistance. Addressing another issue she had with TIF funding, Councilmember McGehee concurred with comments of Councilmember Willmus regarding the preferred use in the Twin Lakes Area; and her reluctance in this instance to take taxpayer funds away from the County, School District and City for a use as proposed for a significant period. Councilmember McGehee also noted the need to be mindful that resi- dents had already spent $10 million in infrastructure improvements in the Twin Lakes area; and because of that, she felt less inclined to offer TIF financing for this project, especially in comparing it to similar projects in other suburbs as previously referenced. Councilmember McGehee opined that this development did not provide the more luxury rate apartments that she preferred; nor did it support the goals and guidelines of the Comprehensive Plan for this area.