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City Council Study Session — 04/18/OS DRAFT Minutes - Page 10 identification of reimbursable costs. Page 6 Discussion included Site Improvements and Minimum Improvements; incremental increase in tax revenues based on improvements, not the current tax base; identification of anchor "big box" retailer and negotiations to-date. Page 7 Discussion included Phasing; Quality of Minimum Improvements; Capitalized Interest; and ongoing discussions for Areas 5 and 8 and anticipated property acquisition costs related to cash flow and how best to balance. Pages 8 and 9 Discussion included Capitalized Interest; Contamination Grants, Responsible Parties; Government Approvals; PermitslFees; Zoning and Land use Ap�aroval�/Easements; Special Assessments; Park Dedication FeelPublic Open Space Contribution; Business Subsidy Act; Relocation of Tenants; and Prohibition on Tax Exemption; and Effect of Term Sheet. More detailed discussion included the possible exploration of some percentage or dollar amount of the Parlc Dedication Fee dedicated to public art, or that the developer receive credit for public art improvements; current policy related to park dedication �'u�.ds and possible resolution or ordinance amendment related to accommodate changes to the policy; need for City Council definition related to parlc dedication fees if they wish to deviate £�om the current policy (�.e., Langton Lalce Parlc development specifically); and potential land dedication in lieu of �u.�ds for protecting the natural environment of the parlc. Mr. Casserly was aslced to provide City Manager Beets and the City Council with additional information related to the Business Subsidy Act exemptions. Further discussion included property acquisition costs, removal of existing buildings and tax base rate calculations and timing related to actual redevelopment or build out on the site; the need for further review of project phasing related to freezing the TIF