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•1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />• 23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />• <br />CITY COUNCIL WORK SESSION May 5, 2008 <br />APPROVED <br />DATE <br />TIME STARTED <br />TIME ENDED <br />MEMBERS PRESENT <br />MEMBERS ABSENT <br />CITY OF LINO LAKES <br />MINUTES <br />: May 5, 2008 <br />. 5:30 p.m. <br />. 8:30 p.m. <br />: Councilmember Gallup, O'Donnell, <br />Stoltz, Reinert (part) and Mayor Bergeson <br />: none <br />Staff members present: City Administrator, Gordon Heitke; Community Development Director, <br />Mike Grochala; City Planner, Paul Bengtson; Director of Public Safety, Dave Pecchia; Finance <br />Director, Al Rolek; Public Services Director, Rick DeGardner; Economic Development <br />Coordinator, Mary Alice Divine; Deputy City Clerk, Jean Viger; City Clerk, Julie Bartell <br />Anoka County Historical Society - Jan Anderson, Anoka County Historical Society Board of <br />Directors. The historical society was approached by the county to work on Anoka County <br />Sesquicentennial activities. The events were successful and the society is visiting participating <br />cities to thank them for their assistance. (A DVD highlighting the event activities was viewed.) <br />Ms. Anderson presented the council with a commemorative photo and coffee mugs. <br />The Council offered thanks to the historical society for all their efforts. <br />Town Center Update - Finance Director Rolek introduced Paul Steinman of Springsted, Inc. <br />Mr. Rolek noted that he and Mr. Steinman would be reporting on the status of the Town Center <br />(also known as Legacy Development) project. He added that in addition to working with Mr. <br />Steinman, staff also consulted with bond counsel, Steve Bubul (Kennedy & Graven) and finance <br />consultant Terry Heaton (Springsted, Inc) in preparing the report. <br />Mr. Steinman reviewed his written report first summarizing the initiation of the project with the <br />issuance of general obligation tax increment financing (TIF) bonds in 2007. The primary focus <br />of the report relates to how those bonds will be serviced. There are two interfund loans included <br />in the finance plan that are dependent upon tax increment generated in the district. He presented <br />the first repayment scenario and the assumptions upon which it is based. The assumptions <br />include additional housing development in years 2011, 2012 and 2013 (total value of $20.2 <br />million), maximum value of the full -build out of the site at $31.4 million (as originally estimated <br />in the TIF plan), and a collection year through 2023 with some additional MSA funds required in <br />deficit years that would subsequently be repaid with future increment. The second scenario <br />presented (introduced as the "worst case") includes the same assumptions as scenario one with <br />the exception of no development occurring beyond what currently exists and utilization of the <br />maximum TIF term of 26 years (collecting through 2032); he noted that this is an unlikely <br />scenario. The third scenario, identified by the financial consultant as well as staff as the most <br />