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(, City now has for this area land use study, engineering study, <br />economic, financial study; unless Oakdale has additional money it can <br />come up with, they cannot do it any better than Lake Elmo; Oakdale may <br />have more urban image and staffed to deal with developers; <br />Lake Elmo should be thinking in terms of having some financial stakes <br />across the board; City may have to buy into first part in order to get <br />what you want in long run; City may rationalize economic benefit to <br />entire community with development of area; <br />In reference to Citizens league report: with $80,000 home tax rate is <br />low, but it becomes high with average home value and Lake Elmo has a <br />lot of high value houses; City is going to become increasingly <br />responsible for providing services; <br />Section 32/33 will develop if market forces there and developer will. <br />probably work with either city when time is right. <br />Discussion ensued on benefit/detriment of commercial development, <br />annual debt service requirement (Page 13); costs of financing (Page <br />14), and types of development needed to support this type of <br />expenditure (Pages 18 & 19). <br />It was determined Public Financial Systems would finalize their <br />Financial Report for submission to Council on August 15th. <br />Council workshop adjourned 8:47 a.m. <br />