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Regular City Council Meeting — 03/29/04 DRAFT Minutes - Page 20 determine the necessary public investment in the Redevelopment, � [and] the City Council shall have approved the Redevelopment Area identified for the Phase I of the Redevelopment, and the City and Redeveloper have agreed in principle on a strategy to close the gap in financing the Redevelopment." Councilmember Kough expressed his concern that the project was moving too fast and opined his lack of support for locking the City into a Master Development contract at this stage and potential risk to the City. Councilmember Maschka encouraged Councilmembers to keep the cost and potential benefit numbers in perspective; noting that there was minimal risk to the City at this point and the need for continuing to pursue additional information and refined numbers over the summer months to keep the analysis on track. Councilmember Maschka observed the estimated investment of 10% of the project's final benefit to the City and future generations and his opinion that the Council was obligated to invest another three months to determine the project's feasibility. Mayor Klausing opened the meeting for public comment on this issue. Michael Noonan, The Rottlund Company, Representative Mr. Noonan introduced representatives of the developer and subdevelopers present at tonight's meeting; and recognized the complexity of the task before the Council and developers. Mr. Noonan encouraged the Council to allow the process to unfold, noting the benefits of the information being gathered and presentations to the Twin Lakes Panel and their commitment to the process. Mr. Noonan respectfully sought Council approval of the revised contract, affirmed the developer's support of tonight's proposed amendment by City Manager Beets, and acknowledged the developer's commitment to completing the process prior to the end of September to determine the