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03-14-2012 Council Agenda
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03-14-2012 Council Agenda
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3/12/2012 1:27:28 PM
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Documentation of the costs for each phase is attached. I have also enclosed an executed copy of <br />our development agreement to aid in your review. It should be noted that some of the Phase I <br />costs are somewhat higher than initially anticipated due to the following: <br />✓ Added Turn Lane Into St..lude Site (per your request) 533,479.77 <br />✓ Duplicate Water Main Costs 528,454.40 <br />✓ Delays to City Contractor Due to Coordination With Building Project - 55,760.00 <br />Total 967,694.17 <br />The costs for the duplicate water main were to have been covered by a deposit made with us by <br />St. Jude Medical, Inc. in the amount of 530,400. That deposit was not made so the costs arc <br />included as noted above and then deducted from the TIF Note. <br />Ideally, we would like to receive reimbursement of this invoice prior to December 31, 2011 for <br />accounting purposes. Should you have questions regarding the invoice, I would be happy to <br />meet with you and any other interested parties at your earliest convenience. <br />Sincerely, <br />Joel R. Hanson <br />City Administrator <br />cc: John C. Heinmiller, Executive VP & CFO <br />Steve Dorgan, Cresa Partners <br />Shelly Rueckert, Finance Director <br />10 <br />
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