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� �` � <br />- ' �J <br />Memo <br />To: Mayor and Council, <br />Neal Beets, City Manager <br />From: Chris Miller, Finance Llir�cta �� <br />Date: October 18,2004 <br />Re: Suininary of Expenditures in the Twin Lakes Redevelopment Area <br />Mayor and Council, <br />Date: 10118104 <br />Item: 9. <br />'Itnrui Lakes Redevelopment Project <br />Consulting Fees <br />The following table summarizes the amounts expended for the Twin Lakes Redevelopment Area <br />for various studies as well as legal and financial consulting. The review period is from January, <br />2002 through the present, and includes only those costs that are directly borne by the City. The <br />totals do not reflect the groundwater study which is being funded through an EPA grant. <br />The summary is as follows: <br />�segmnmg m �uu4, ine �iiy negan irac�ng ine siaiimg cosis speni on ine iwu► �,axes xeaeveiopmeniArea. ine <br />salaries represent only a portion of the Community Development Staff, and do not include the staffing costs related <br />to Administrative or Finance personnel. <br />Discussion on the Cost� and Potential Reimbursement <br />Since 2002, when the City began tracking Twin Lakes—related expenditures, the City has <br />incurred $292,008 in direct costs. The hourly rates paid to the various consultants range from <br />$80-225 per hour. In addition, it is estimated that the City has incurred approximately $50,000 <br />in staff time over the last three years. <br />