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REQUEST FOR COUNCIL DISCUSSION/ACTION <br />DATE: 03/15l04 <br />ITEM NO: 6. <br />Department Approval: � ���� �� Agenda Section: <br />DPW <br />Negotiations with Rottlund Homes and hear a Report on Progress to <br />Date on Financial Strate�ies (PF3543). <br />� -�l BACKGROLJND: <br />�,] The Council directed Rottlund Homes to review the conditions of Twin Lakes and return with an <br />answer as to whether they would enter into a one year exclusive developer contract with the City. <br />Rottlund (Michael Noonan and Todd Stutz) as well as Jim Casserly and city staff have been <br />working on this agreement for the past 3 months. Consultants and staff are recommending <br />approval of the one year exclusive agreement with Rottlund. Jim Casserly will be present to <br />answer questions. The contract is attached as is a resolution approving the contract. <br />1,� Because of the uniqueness of the Twin Lakes Brownfield RedevelopmentArea and the costs of <br />cleanup, contaminationremoval, new roads, interstate ramps, utilities, and ponding as well as <br />more typical development costs, Jim Casserly, Rottlund and the city staff have taken an indepth <br />look at the possible costs and funding sources necessary to proceed with the redevelopment. <br />Jim Casserly will explain, in general terms, the costs of redevelopmentand the public agency <br />strategies that could be enacted to reduce the gap between the sources of funding and the high <br />costs of redevelopment. Charts illustrating the sources and uses for all of Twin Lakes (areas <br />1-12), as well as phase 1(areas 1-5) are attached for illustrative purposes. <br />1� Also attached is a new "white paper" titled "Twin Lakes Redevelopment— Why is tax Increment <br />Financing Necessary for Redevelopment?". This document was requested by City Manger Beets <br />and prepared by the community development staff. <br />�-� RECONIN�NDATIONS: <br />Hear reports by John Shardlow and Jim Casserly. Adopt a resolution approving an <br />exclusive development agreement with Rottlund. Provide further direction. <br />3.� SUGGESTED ACTION: <br />By resolution, approve the Twin Lakes Contract for Exclusive Negotiations with Rottlund <br />Homes. (draft resolution attached) <br />Provide discussion/direction. <br />Report Prepared by: Der�nis Welscl�, Com Developm�t Director (651-792-7071) <br />Attachment Contract, Resolubion, Charts, TIF' White Paper <br />\\Victoria\CommDev�PLANNING ANDZONING�PLANNING FILES�3500-3549�3543_Twin LakesImplement-Rottlund�RCA- <br />Pf9.54'. •Roillliinifun=r, I{Q�1,*i¢4] �J� <br />