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Regular City Council Meeting — 03/29/04 <br />DRAFT Minutes - Page 18 <br />Maschka noted the need to continue through the process in <br />refining numbers and strategies prior to making a <br />determination as to whether the project was feasible, or <br />should be terminated. <br />Mr. Casserly concurred, noting that the Council had before <br />it an opportunity to upgrade and/or renew the quality of the <br />community and enhance its tax base; but wouldn't realize <br />the payoff for 20 — 25 years, possibly not until the next <br />generation. Mr. Casserly encouraged the Council to allow <br />the consultants, staff and developers to collectively define <br />the value of the gap strategies and further refine the <br />analyses. Mr. Casserly advised that this could be <br />accomplished through the Council's action on the Master <br />Developer Agreement, which would allow the developers <br />to provide more defined information; and create the ability <br />for a determination on the phasing of the proposed <br />development and projected completion of land acquisition, <br />along with an analysis of whether the City's expenses <br />would be incurred up front or in a phased process. Mr. <br />Casserly noted that the gaps would need final analysis; a <br />financial plan structured and a consensus established this <br />summer to meet identified stipulations for contract <br />expiration on September 30, 2004 and final expiration in <br />March of 2005. <br />Further discussion included identification of soil correction <br />(i.e., mass grading, site balancing, and replacement or <br />realignment of poor soils) and environmental site <br />preparation (i.e., specific contamination issues); grants <br />available for environmental site issues; need to pursue the <br />Master Developer Contract to obtain a refined plan from <br />the developer; projected amount of contingency funds; <br />status of land and building acquisition already <br />accomplished by the developers; and the need for further <br />discussion of the gap strategies available and best options <br />to reduce the project's deficit. <br />Mayor Klausing concurred with several of Councilmember <br />Ihlan's concerns related to the public policy decision as to <br />as to determining the public investment and public benefit <br />