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Date: 04/11/OS <br />Item: 10. <br />Twin Lakes Financial <br />- �-- - -. _ ... ----�- - .-.—�-. _ _ .. . - : :._ � <br />�rl �. M � 1��� �I T� Uil+� <br />TO: MEMBERS OF THE KOSL;VILL�1 CITY C;QUNCI�1 <br />FROM: AMY IHLAN <br />SUBJECT: MOTIONS FOR COUNCIL REVIEW OF SUPPORTING FINANCIAL <br />DOCUMENTATION FOR TW1N LAKES PRO FO�A, TERM SHEET, <br />AND SUBSIDYREQUEST, AND FOR COUNCIL REVIEW OF <br />FINANCIAL CONSULTING BILLS <br />DATE: APRIL 6,2005 <br />More than three weeks ago, on Wednesday, March 16, I e-mailed city manager Neal Beets <br />requesting review of the supporting documentation for the Twin Lakes project financial pro <br />fo�'�a.aa and term sheets, and requesting review of bills from the city's financial consultant <br />and city attorney which have been charged to the TIF Economic Development account this <br />year. A week later, having received no response, I e-mailed my request again to Mr. Beets, <br />with a copy to the City Council. Although the city attorney has since provided me with a <br />copy of the bills requested, I still have not received any acknowledgementor response to my <br />other requests from the city staff, Rottlund Homes, or Mr. Casserly. <br />I ha�e no choice at this point but to make a formal motion to the Council to direct staff to <br />obtain the requested information and make it available for Council review. Rottlund <br />Homes and their financial consultant indicated at a previous council meeting that the <br />supporting documentation for their pro farma and subsidy requests would be made available <br />for review. This documentation is essential for fu]1 council review and analysis of the <br />fmancial feasibility of the Twin Lakes project — and it is also required to be submitted as a <br />part of Rottlund's application for tax increment financing and other public subsidies. I <br />request that this information be made available as soon as possible, before any �'urther <br />discussion of Twin Lakes pro farrnas and term sheets at upcoming Council meetings. <br />I will also move the Council to direct staff to provide copies of Krass Monroe's consulting <br />bills from November 2004 through the present for Council review. (Previous bills to that <br />date were provided upon rny request last fall.) <br />