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d. Consideration will be given to the use of TIF Revenue Bonds; e. Consideration will be given to the use of Special Assessments; f. Consideration will be given to reducing the contingency fund with a maximum reduction not to exceed one percent (1 %); g. Consideration will be given to a minimal reduction in City administrative fees, but only after a detailed review of city-incurred costs as a result of the project; h. Consideration will be given to approaching the State of Minnesota regarding funding for off-site improvements to the County Road C exit off ofl-35W; i. Consideration will be given to the use of a hazardous substance sub-district, supported by Revenue Bonds as a sole source of funding; j. Consideration will not be given to the use of any existing City funds as loans to the project (identified as Gap Strategy #11); and k. Consideration will be given to the availability and use of Environmental Remediation grants. 2.5 August 9, 2004 - The City Council directed staff to work with Rottlund Homes to further develop and refine, for future Planning Commission and City Council consideration and action, a redevelopment land use plan for Twin Lakes that includes a mixture of land uses including housing, office and retail. 2.6 August 9, 2004 - The City Council approved the enactment of Ordinance No. 1309 entitled, "An Interim Ordinance Adopting a Development Moratorium for Properties located within the Twin Lakes Master Plan Area". 2.7 The March 24,2004 Exclusive Negotiation Agreement included several benchmarks to allow the City and the Developer to review the progress on the development plan. Under the agreement, by September 30, 2004, the Rottlund Companies is required to complete actions 1 through 3 (listed below). If actions 1 through 3 have not been completed by September 30, 2004, either the City or the Master Developer may terminate this Agreement by written notice to the other and the Exclusive Negotiation Agreement is null and void. 1. Complete work with an Advisory Stakeholder Task Force to be appointed by the Council (to include property owners, residents, neighborhood groups, business owners and developers) in formulating the Implementation Plan. 2. Identify all real property that must be acquired to undertake and complete the Redevelopment, including preliminary appraisals and relocation costs for representative parcels in the initial phases of the Redevelopment. 3. In coordination with the City, prepare a preliminary financial feasibility analysis identifying costs and sources of revenue, including tax increment and other potential sources of public assistance, to determine the necessary public investment in the Redevelopment, assuming the City Council shall have approved the Redevelopment Area identified for the Phase I of the Redevelopment, and the City and Redeveloper have agreed in principle on a strategy to close the gap in financing the Redevelopment. PF3543 - ReA (09-27-04) - Page 2