10-10-2007 Council Agenda - Laserfiche WebLink

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exempt (versus taxable) that will carry a lower interest rate and should help TIF dollars accomplish more objectives. Below is a summary of where discussions are at with Cresa Partners relative to this project. I would like the City Council to ratify /modify as they deem appropriate and then we will commence with the finalization of a development agreement. I will also have Mr. Hagen update our projections prior to Wednesday's meeting to give you an idea of how things now look financially. Here is the Cresa Summary with my responses underlined and in italics. I spoke with both Dave Hill and Jason Berkas about your meeting yesterday to discuss the utilities and TIF. Below is a summary of our understanding of the agreement reached in yesterday's meeting. To make sure we are all on the same page, would you please provide us with a letter from the City confirming agreement with these items? Perhaps a Letter of Intent would work best. Once we have agreement, we can then move forward with incorporating these items into the Development Agreement. Ideally, we would like to make sure we are all in agreement prior to the Oct. 10th City Council meeting and St. Jude's subsequent purchase of the site. Summary of Agreement The City of Little Canada will provide and pay for water and sewer infrastructure required for this project. It has been agreed that a 12" water main will be needed and that no water tower is necessary to meet the needs of this project. Correct St. Jude Medical will provide and pay for a fire pump, booster pump and upsized emergency generator to meet its water pressure needs on the site. Correct All City utility improvements will be completed by mid - summer 2008. That should work. We will confirm tomorrow in our meeting with Dave Hill and Lee Elfering. Yesterday, we talked about late August and I know that won't be a problem. St. Jude Medical will have the right to review and approve the plans and specifications for the utility infrastructure in conjunction with City staff. I'm fine with this concept, but I'm not sure how I want to spell it out. We have no problem coordinating with St. Jude as to the design and construction of the line, subject to reasonable provisions. The City will own and maintain the water and sewer infrastructure. Yes - within the easement areas. St. Jude will be responsible for all utility costs to connect to the mains located within the easement areas. St. Jude will grant utility easements on its site for this infrastructure. Yes The cost of the water and sewer infrastructure is estimated to be: $600,000 - 12" water main and $150,000 for sanitary sewer. That was our discussion, but I'm hoping to have numbers revised by shortly and they will be dependent on the route we use to run the mains, especially to connect to Rice Street and off of the non -St. Jude easement areas For example, we are thinking it may be best to have the water main along B2 on the north side of the street and utilize ISD 623 property under their ball and soccer fields. This would allow more open trenching, preserve trees for St. Jude, and lower the cost. We likely need an easement from the School to do this. In addition, the City will provide and pay for the requested landscaping along B2. The landscaping will cost approximately $100,000. Conceptually, yes. I would 2