10/04/2000 Council Minutes - Laserfiche WebLink

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CITY COUNCIL WORK SESSION OCTOBER 4, 2000 The plan is too conceptual at this point. The Council needs to determine how it will use the $1.5 million in funding. Mr. Jerry Shannon, financial consultant, stated the City has to define what is economically viable. The City has to determine costs that will depend highly on the design standards. A timeline regarding the project also has to be determined. There are many variables that have not yet been determined. The City needs to ask the following questions: 1. What will the City do if it does not get the grant? 2. What will the City do if it does get the grant? Council Member O'Donnell inquired about the point at which the City does look at specific scenarios and the impact those scenarios will have. The Financial Director stated it is not too early to look at numbers conceptually based on differe , enarios. There are many options that can be explored if the language in the applic .+ on is oad. Mr. Shannon stated that once decisions become more spe ork on different scenarios. Definitive scenarios will be looked at befo th;s an i F mplemented. Council Member Carlson stated Lino Lakes is a s The City does not have a lot .of population to spread the costs over. Finan` orma n is something the Council needs to determine if the City can be a deve•er. expressed concern regarding the costs to the City, information on the t ing, and an understanding of where the money will come from. She not ity as significant costs coming in the future. The Finance Director stated they •, s . `"variable need to be narrowed down before the impact can be explored te• '- each option. Mr. Shannon stated t City ' t. look at its debt, how the project will be financed, and how that will affect c ture bonds. Mr. Shannon reviewed the City's financial background. The Community Development Director stated a revised plan will be presented in November 2000 that will include preliminary numbers. A presentation will be made to the Metropolitan Council on October 26, 2000. No Council action will be needed before the revision is presented. The City Administrator asked how staff can assure the Council that the presentation is based on Council direction. Staff advised they will make a preliminary presentation to the Council at the next work session. Council Member Reinert asked if the City will receive the money physically or if it is kept in a bank. Staff advised it is unknown how the Metropolitan Council will dispense the money if the City receives the grant. It has been dispensed over time in the past. 4