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2 <br />with the $450,000 as a down payment. Mr. Wessel said an economic development <br />feasibility study will be completed by Al Rolek, city finance director, to look at the <br />options. If it is not feasible to complete a transaction with the Taggs, the city needs to <br />move ahead with developing the land it owns. <br /> <br />Ms. Divine explained other conditions were placed on the grant, including completion <br />and approval of the Comp Plan, a traffic light installed on Lake Drive that was planned <br />but never implemented, and the exception of Village housing from the annual building <br />cap. <br />Ms. Carlson asked for more information regarding refinements to the plan. Mr. Wessel <br />said receiving funding puts the city in a position to go back and ask for more, because of <br />the commitment to have it move forward. However, the competition is greater every year. <br />The Village project is the only developing suburb that received funding. Mr. Gorowsky <br />said if the city demonstrated a commitment and a phased approach, it would make the city <br />a natural candidate for follow-up funding, especially if the Comp Plan is in place. Ms. <br />Carlson indicated council would approve the Comp Plan in the first quarter of next year. <br /> <br />Mr. Milbauer asked if the developers in the Village were dealing with the Taggs. Mr. <br />Wessel said they had dealt with the Taggs. Ms. Carlson said they had not made the Taggs <br />a solid offer. Ms. Carlson said the council is concerned about increasing the tax rate. The <br />city has land contracts to pay off. The feasibility study should have been done before this <br />decision had to be made. The city doesn’t have design standards or a plan. Mr. Wessel <br />said it is the right time to move ahead with a feasibility study. The Village needs to be <br />looked at in the context of the proposal on the north quadrant. <br /> <br />Mr. Wessel said the development team of Fefercorn and Duffy has strong collateral with <br />the grant decision-makers and are capable of doing the project. At the time this <br />collaboration was put together, no “deep pocket” developers had surfaced. Since the <br />Target project surfaced, the development momentum is stronger. Some alternative <br />proposals are possible. <br /> <br />DELLWOOD LLC <br />Mr. Wessel said the Target proposal was public. Dellwood LLC is the developer, Ryan <br />Companies is developing with them, and Target is the Superstore prospect. They want to <br />break ground May 2001 and be operational in July 2002. Some contingencies must be <br />satisfied, including approval of a second entrance off of Lake Drive. TKDA and the <br />developer are doing a traffic impact study. The county has consistently said no additional <br />access to the site. This is just one of a series of road issues, including Highway 49, that <br />need must be dealt with jointly with the county, and have impacts on the Lake Drive <br />interchange area and the funding attached to it. Mr. Milbauer asked about the city <br />moving ahead without the county’s blessing. Mr. Wessel said cooperation is necessary <br />when dealing with county roads. <br /> <br />Mr. Wessel said the design standards are stalled, have not gone to the P&Z for a hearing. <br />With the Target proposal, the city is waiting to see how it develops. The council seems to