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City Council Study Session — 07/19/04 DRAFT Minutes - Page 17 Councilmember Ihlan sought clarification as to whether the City had done an environmental assessment to provide independent j udgment. Ms. Bennett noted that the City had performed an environmental assessment only along the proposed Twin Lakes Parkway, noting that costs were not significant in that area. Ms. Bennett noted that the developers had done additional work on those sites not along the parkway, and on a typical square foot basis, average national trends for clean up costs of environmental contamination were $0.80 per square foot for Brownfield redevelopment. Councilmember Ihlan questioned who bore the risk if more contaminationwere discovered. Mr. Miller responded that staff was performing more research on the chain of title, with initial findings noting that the property owner had the responsibility and recognizing that the City needed to be wary of what that could mean to the City. Mr. Miller advised that more information would be provided upon completion of staff s research. Mr. Miller further noted that language could be incorporated in the developer agreement and contingencies provided in the financial plan, depending on how conservative of a financial Proforma the Council desired to follow. Councilmember Kough, on behalf of the City Council, thanked Mr. Miller for his detailed information and points for consideration. Recess Recess Mayor Klausing recessed the meeting at 8:02 p.m. and reconvened at 8:12p.m. 8. Twin Lakes Redevelopment Project: Financial Gap Strategies (PF 3552) Michael Noonan of Rottlund Homes and representatives of the City's Economic Development Attorney's office, Jim Casserly and Greg Johnson, were present for this discussion of various Twin Lakes Redevelopment Project: Financial Gap Strategies (PF 3552)