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Regular City Council Meeting Monday, January 11, 2010 Page 6 10. Presentations a. Twin Lakes Redevelopment Project Update Community Development Director Patrick Trudgeon, Public Works Director Duane Schwartz, and Economic Development Associate Jamie Radel presented an update on the Twin Lakes Redevelopment area and infrastructure phases to- date and those planned in the future. The information, as a Power Point presenta- tion, was distributed as a bench handout as well. Those items addressed during the presentation included completion of Phase I and anticipated completion of Phase II based on grant funds received and awarded to- date; reminder that the City's role is not as a developer for Twin Lakes, but to ini- tiate and complete infrastructure to facilitate future development; property acqui- sition for Phases I and II; status of Phase I public improvements and those for completion in 2010 based on weather-related issues; proposed improvements and a timeline for Phase II improvements, with final design and planning scheduled for completion in February for bringing forward to the City Council; the Response Action Plan (RAP) currently underway between Braun Intertec and the Minnesota Pollution Control Agency (MPCA) and additional sampling requirements; and an- ticipated cost estimates, funding sources, and timeline for Phase II which will in- clude undergrounding of power lines. Additional presentation information included a revision to the Cost Allocation Study approved by the City Council in 2007 based on actual construction costs and new projections gleaned from experience with Phase I and new projections, and reduced overall projected costs based on grant funds received. Staff antici- pated completion of these revised allocations for presentation to the City Council for their approval of those adjustments within 1-2 months. In conclusion, staff noted that the City would pay upfront costs, with future de- velopments reimbursing that cost based on the revised cost allocation study; and expressed pride in the significant accomplishments since initially begun in early 2009; and thanked the City Council for moving the project forward in a timely manner. Councilmember Roe requested a recap from staff in the future for Phase I that would include how much tax increment financing (TIF) money had been used, the amount of grant monies received and other revenue sources tapped; providing a final tally for Phase I as well as Phase II. Mayor Klausing noted the number of positive comments he'd received from the community in seeing the improvements move forward, and demolition of the old buildings; and expressed his personal appreciation to staff in their oversight of the improvements.