CC_Minutes_2008_0211 - Laserfiche WebLink

Home

Regular City Couneil Meeting Monday, February 11, 2008 Page 22 proposals seeking public financing assistance, provide a fiscal analysis and cost/benefit review, with the cost for such analysis to be borne by the developer. Mayor Klausing recommended that incidental financial benefts outside the TIF District, with upgrades to adjacent areas and properties, be considered -both from an impact and benefit analysis. Springsted Proposal Mr. Trudgeon provided a brief overview, along with a Bench Handout outlining the purpose and process of the Twin Lakes Redevelopment Project Area and as- sistance to be provided by Springsted. Mr. Trudgeon introduced Ms. Ten•i Heaton, Senior Vice President/Client Repre- sentative, and Ms. Mikaela Huot, Assistant Vice President/Consultant with Sprin- sted. Mr. Trudgeon advised that, after further streamlining, staff would return to Coun- cil with more refined and detailed fees and intentions for Council action. Mr. Trudgeon noted that the costs associated with these analyses would be reimbursed by developers and the TIF District, and should have no impact to residents. Discussion included policy considerations for going out for Requests for Propos- als (RFP's) for such services; reference to a city policy for RFP's for professional services; lack of firms available with financial analysis expertise; difficulties in going out for bid for such services; complexity of the process, their expertise and knowledge of Roseville, and their recent experience with major developers. Further discussion included timing required for decision-making based on the proposals under consideration and land use review period timeframes; complexi- ties of redevelopment projects coming forward; advantages of competitive biding; range of proposed services; and the limited companies who could provide exper- tise within the scope of services. Ms. Terri Heaton, Springsted Ms. Heaton advised that they had been involved in the Twin Lakes Redevelop- ment in the background, and would serve as the City's financial advisor; antici- pating a $d-0 $10,000 - $30,000 range, dependent upon the amount of information the developer has available; and noted that the firm would provide a cap on the amount and timeframe. Mr. Trudgeon advised that staff was reviewing the current TIF Application fee at $5,000, and considering a type of escrow account, and would return to the City Council once the details were worked out.