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City Council Regular Meeting — 09/13/04 DRAFT Minutes - Page 36 Jim Casserly, Financial Consultant for the City of Roseville Mr. Casserly provided a financial analysis on Development Areas 1 through 5 and 8, showing sources and uses. Mr. Casserly responded to Council questions and comments, and reviewed the various components of his analysis. Mr. Casserly noted that one source that had been approved was not being utilized, that of Special Assessment; and explained that it couldn't be utilized on housing, and it was determined that on the commercial and office portion of the project, it would be better to include the assessments in the land selling price. Councilmember Ihlan questioned the status or efforts made to- date on collecting environmental costs from previous property owners, particularly those who had caused the original contamination. Mr. Casserly responded that his answer was the same as discussed at previous meetings, that best efforts would be made to collect from those responsible, but he did not anticipate much success in the venture. Mr. Casserly noted that a determination was yet to be made as to the extent of the contamination. Michael Noonan, Rottlund Homes Mr. Noonan advised that two-thirds of the properties purchased to-date had received Phase I and II testing by American Testing; and he was confident of the testing results and implications for adjoining parcels yet to be obtained, as they had experienced similar uses. Further discussion ensued regarding groundwater testing and assumptions; risk analyses; nature of TI Revenue Bonds being "pay-as-you-go;" hazardous sub-districts; and projected availability of transportation improvement funds and environmental mediation grants. Mr. Casserly's report concluded that, under current City guidelines and directives, the developer — not the City — must advance nearly all of the $65 Million in redevelopment costs.