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City Council Study Session — 09/20/04 <br />DRAFT Minutes - Page 9 <br />the staff report dated September 13, 2004 at that regular meeting. <br />Mr. Casserly went over the various assumptions, inflation and <br />interest rates, rationale for assumptions and consideration for <br />creation of a Tax Increment Financing (TIF') District. Mr. <br />Casserly noted that the City Council directive structured the <br />proposed project so that the developer would bear the risk for <br />advancing funds of approximately $55 Million for Phase I of the <br />project, with the developer requesting reimbursement of <br />applicable funds following the improvements being made and <br />construction completed at the site. <br />Mayor Klausing asked <br />highlight the definition <br />Bond being proposed. <br />Mr. Casserly to briefly define <br />of the proposed TIF' Revenue Note <br />and <br />or <br />Mr. Casserly provided a brief statutory definition as requested, <br />and provided an example for similarity to a home mortgage and <br />mortgage loan to value, with the excess generated used to pay <br />bonds on the new value of the property, which was the limited <br />use defined by statute and the use of TIF' Revenue bonds. <br />Discussion ensued among Councilmembers regarding their <br />interpretation of the use of TIF' in development and/or <br />redevelopment projects, with Mr. Casserly providing further <br />expertise in interpreting the statute's intent for use of this type of <br />funding. Further discussion included the viability of the project <br />and whether it was in the best of interest of the City as a whole. <br />Mayor Klausing opened the meeting for public comment at <br />approximately 7:13 p.m. <br />A. Don Sauers <br />Mr. Sauers, apart from the financial considerations, asked <br />that the Council carefully review the projected increased <br />traffic — motorist, pedestrian and cycle — and other safety <br />concerns. Mr. Sauers noted that Roseville had eight of the <br />ten most dangerous intersections in the State of Minnesota, <br />and questioned the impact the project could have on vehicle <br />insurance, impact to the police department related to more <br />patrolling, accident and law enforcement issues. Mr. <br />