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Regular City Council Meeting Monday,July 13, 2015 Page 32 As noted in the RCA, City Manager Trudgeon reviewed proposed projects, which had already been discussed by the City Council, and as identified on the displayed map, all of which had been identified as part of the original AUAR and involving existing conditions as well as future development, at an estimated total cost of $3.2 million. Mr. Trudgeon advised that staff had been consulting with the City's financial consultant, Springsted, for the best possible scenario, and including the WalMart, vacant PIK and existing Dorso sites. Mr. Trudgeon advised that the ad- ditional development of the new hotels, and pending developments would factor into and improve revenues over the life of the district, and were estimated at ap- proximately $30,000 additional in increment over the conservatively sufficient dollars to fund the bond issue. Mr. Trudgeon advised that staff is confident the bond is well within the reach of what the City can accomplish, and advised that it did not include development of the final plat to the south or the Sherman project should that proceed; and clarified that neither would impact TIF revenue. City Manager Trudgeon offered to answer any questions of the City Council to- night, with the assistance of Public Works Director/Engineer Marc Culver, Com- munity Development Director Paul Bilotta, and Finance Director Chris Miller, all in the audience if needed. Mr. Trudgeon reiterated that City Council action would be required at the July 20, 2015 in order to start a bonding process under this tight deadline, and advised that representatives from Springsted would also be availa- ble at that meeting for any technical questions, in addition to Bond Counsel Mary Ippel, who has already initiated processing documents if and as needed. At the request of Councilmember McGehee, Mr. Trudgeon reviewed rationale for this bond issue at this time under this particular TIF District created under legisla- tion with a five year rule, and due to the recession, extended to ten years by the state legislature, expiring on September 3, 2015. As previously stated, Mr. Trudgeon advised that if funds were not spent by that date, the City could only use 25% from increments in the district, creating a substantial hit. Mr. Trudgeon noted discussions had been ongoing for some time among Councilmembers and staff about how best to invest these TIF dollars, avoid property assessments for new developments, and complete infrastructure needs in this area to facilitate de- velopment by having sites ready. Mr. Trudgeon advised that the City would still be able to use funds from Hazardous TIF Districts to clean-up sites and make them ready for Greenfield development, further leveling the playing field as de- velopers continue to come forward. Mr. Trudgeon noted the limitations of the City in accomplishing these goals, and thus staffs recommendation to move for- ward and incent development by attracting developers and quality businesses to shovel ready properties. At the request of Councilmember Etten, City Manager Trudgeon and Mr. Culver confirmed that the traffic light at Terrace Drive and Fairview Avenue was covered under the$2.2 million.