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Regular City Council Meeting Monday, September 13, 2010 Page 7 Ms. Huot advised that other taxing jurisdictions, School District 621 and Ramsey County had received prior notification of the proposed District. Discussion among Ms. Radel, Ms. Huot and Councilmembers included how the estimated public costs and their allocation were determined based on development assumptions and developer requests and recommended reimbursement amounts for the total estimated revenues broken down by project. costs by category; terms of the actual developer reimbursement subject to negotiations for a Developer agreement; potential bond issue and statutory provisions for potential bonded in- debtedness; and use of the "pay-as-you-go" approach for the developer on this project and how that provided an advantage to the developer to obtain private fi- nancing based on the tight financial market and additional revenue source in the developer's cash flow to leverage additional financing and make the overall project more marketable form a financial standpoint. Further discussion included verification that Springsted did not lobby for this leg- islative provision and/or for this specific project, but activity at the legislature over the last few years as part of the Job Bill and other initiatives in 2009; and how drawing from a larger project area or District could benefit the City in receiv- ing more increment paid toward and reducing the term of the note and the market value amount generated. Mayor Klausing opened the Public Hearing at 6:40 p.m. to hear public comment Public Comment Attorney Jane Larson, representing a potential purchaser of one of the coop- erative units Ms. Larson sought clarification on the proposed initial construction date for the project, noting that her client had already put down a deposit, and was now being asked to deposit additional non-refundable funds, and was seeking assurance that the project would move forward; and whether sufficient units had been sold to en- sure the project would go forward, in the interest of protecting her client. Mayor Klausing advised that Ms. Larson and her client should have a response to whether the project moves forward yet tonight, if the project moving forward was dependent on creation of a TIF District and TIF financing, and the City Council's approval or denial of that request. Ms. Larson sought further clarification that this project was classified as owner- occupied, not rental. units as indicated on a slide during the staff presentation. Ms. Huot apologized for the typographical error, and verified that the project was classified as owner-occupied residential.