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1 <br />2 <br />3 <br />Reg�lar City Cn�uncii Meeting <br />1V[onday, June 11, 2007 <br />Page 27 <br />between now and June 20t�', or to ialk to a Councilmember be%re th� <br />dead�ine. <br />4 Counci�member Ihlan noted issues beyond environmental that needed <br />5 City Counci� policy discussion, including traffic znii�gation, payment <br />6 in lieu o� taxes to reimburse �he City for additiona� infi astn.�etuxe <br />7 (road improv�ment) costs, prior to taking final aetion on the PUD. <br />8 <br />9 Mr. Stark advzsed that s�aff would put additiona� information on the <br />10 Ciiy website seeking pub�ic comment, as we�� as issuing a press re- <br />11 �ease. <br />12 <br />13 <br />14 <br />T5 <br />16 <br />17 <br />�8 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />City Attorney And�xson reviewed reasonab�e public notice p�o� �o <br />meeting provisions fro�n S�ate Statut�, ensu�zng that there was xnore <br />�han adequate notice being provided �o �he public. <br />k. �..�e�ter of Creciii Proce�ds — Financ�a� State�ent Presentation of <br />the Twin Lakes Deveioper Letter of Credit Proceeds <br />Finance Director Chris Mi11er provided his com�nen�s arelated �o �he <br />previous presentation of the 2006 Annual Financial Repo�t that in- <br />clude a separa�e Iine item denoting the ci�-awdown of �he Letter of <br />Credit supplied by �he %�ner Twin Lakes developer; and Cauncil- <br />member Ihlan's subseguent eoncerns abou� whether the financzal <br />s�atements prvperly report th� Letter o�' Credit praceeds and wheiher <br />�hey su:ff ciently identified �he purpose of the proceeds. <br />27 Mr. N�iller advised that, whi�e additiona� docu�mentation regarding the <br />28 proceeds could be added, sta�f questioned ihe value-added �o the <br />29 reader, concluding that the item was already �eparately and speeially <br />3p denoted �n the Annual Report; and that t�ae intended audience of �he <br />31 City's annual report is l�mited. <br />32 <br />33 Counc�l�n.emher �hlan rezterated her concerns, originally raised by a <br />34 resident at �he Audit meeting �hat the City Councii be aware of their <br />35 fiduciary dut�es, c�ari�'ying that proceeds of the Letter of C�edit a�e <br />36 currently in dispute; and avo�dxng assumptions on the availability of <br />37 $827,000 in po�eni�al General Fund re�enue. <br />38 <br />