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City Council Study Session — 07/19/04 <br />DRAFT Minutes - Page 16 <br />Bonds); and the nature of the pledge to cover the bond issue. <br />Mr. Miller noted that bond rating agencies look at how a City <br />manages its debt; how they plan to pay off the debt; and what is <br />being accomplished with the debt. Mr. Miller advised that the <br />story behind the debt was interpreted in protecting the City's <br />credit rating; and advised that should the project proceed, staff <br />would articulate the applicable pitfalls in issuing the debt. <br />Policy #6 <br />Mr. Miller briefly reviewed funding options for the proposed <br />Twin Lakes Parkway, including landscaping; infrastructure; <br />environmental; rights-of-way acquisition and proposed sources <br />for aggressive pursuit. <br />Policy #7 <br />Mr. Miller briefly reviewed the City's existing assessment <br />policy, noting current language stating that new development <br />will pay for 100% of applicable costs; reminding the City <br />Council that this policy is in place. <br />Conclusion <br />Mr. Miller concluded that, while there may be additional issues <br />to consider, staff would be available to research and provide that <br />information as directed by the City Council. <br />Mayor Klausing noted that the latest two concept plans provided <br />significant modifications to the proposed parkway construction. <br />Comrnunity Development Director Dennis Welsch noted that <br />since the initial plan's preparation in 1998, the numbers have <br />changed significantly, and had included ramp and ponding <br />improvements at the time. <br />Councilmember Ihlan sought clarification on the estimated cost <br />of contamination clean up. <br />Economic Development Specialist Cathy Bennett advised that <br />clean up costs are usually estimated on a square foot basis; but <br />the developers have performed additional analysis, and a <br />definitive cost had not been provided to staff at this time. <br />