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also indicated that they would be willing to contribute approximately $50,000 to $60,000 since the retention pond will have the capacity to treat storm water runoff for a portion of County Road H. Based on the County’s tentative commitment and the existing Redevelopment Grant, there is still approximately $60,000 that needs to be contributed toward the project. However, this amount may be significantly higher or lower depending on final engineering and intergovernmental cooperation. As Council may be aware, the developer recently discovered that there will be significant soil corrections necessary to proceed with the construction of the Hotel. These corrections could include the replacement of existing soil with engineered fill and additional structural reinforcement. Preliminary cost estimates indicate that this could add an additional $800,000 to the project budget. Accordingly, the developer has inquired about the possibility of the City assuming responsibility for the remainder of costs associated with the regional storm water retention pond. If the City were to assume responsibility for the remaining project costs, it is anticipated that pooled TIF funds could be utilized. On an unrelated note, Community Development staff recently completed an estimate of permit fees for the project. Permit fees for the Mermaid redevelopment are estimated as follows: Fee Estimate: Mermaid Hotel and Banquet Center Permit Fee Cost Building Permit $21,359 Plan Check $13,883 State Surcharge $1,550 Met Council Service Availability Charge (SAC) $49,456 Storm Water Management (SWM) $4,092 Park Dedication $81,950 Water $50 Sewer $25 Heating (Value Dependent) N/A Plumbing (Dependent on # of Fixtures, $7 per fixture ) N/A Electrical (State Permit) N/A TOTAL FEES: $172,365 This information has been provided for reference only. Actual fees will be calculated based on building plans and specifications. The developer has expressed some concern regarding park dedication fees. It should be noted that the City has not recently waived or reduced park dedication fees on commercial projects such as Holiday, Building N, or the theatre. However, one option might be to use park dedication fees to finance any trail improvements that may be required for the project. Necessary Actions: Provide staff direction on financing the proposed regional storm water pond. ______________________________________ Aaron Parrish, Economic Development Coordinator (763) 717-4029