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City Council Study Session — 06/21/04 DRAFT Minutes - Page 9 Mr. Shardlow responded to Councilmember Ihlan's concerns that, at the July 12, 2004 meeting, it was proposed to present the proposed retail component in more detail; noting that portion of the project was substantially different and smaller than originally proposed. Mr. Shardlow noted that the retailer would be 100,000 square feet less than originally proposed, would see a reduction in over half of the total traffic trips per day; and that the overall comments of the Panel had been more positive than negative for this aspect of the development. Mr. Shardlow further noted that the development team needed to bring forth a plan that was marketable, as part of their responsibility under the Developer Agreement. Councilmember Ihlan noted that the four proposals included a Costco retailer, and no alternates were shown that included shops or services to support the surrounding new neighborhoods. Mr. Shardlow noted that the role of retail was a key issue to support the needs of the residential development portion of the project. Councilmember Kough opined his serious reservations about the proposed project, noting that the Twin Lakes area needed to be developed, but he was concerned about the finances of the project, as well as the impacts on other area shopping centers. Mr. Shardlow noted that a more detailed financial analysis was necessary, and he encouraged the City Council's support of that analysis. Mr. Noonan responded to Councilmember Kough's comments related to the upcoming schedule outlined for more detailed discussion of the financial plan and consideration of various gap strategies. Mr. Noonan noted that those discussions included the process itself; acquisition of properties; preliminary feasibility analysis for City Council consideration; and the impacts to the City's policy environment; a11 needed discussion and