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MAYOR AND CITY COUNCIL <br />PAGE TWO <br />AUGUST 9, 1989 <br />a taxable issue to reimburse the developer <br />for land costs. The second issue of $900,000 <br />will be non-taxable to fund the cost of public <br />improvements, i.e. streets, water, sanitary <br />sewer, storm sewers, wetlands enhancement <br />(if approved by the Council), boulevard <br />landscaping, streetlighting and traffic <br />signals. <br />b. The developer agrees to initially pay all <br />costs for public improvements. When the <br />developer has completed improvements equalling <br />the 1990 market required by the Contract, the <br />City shall reimburse the developer and assume <br />responsibility for payment of the remaining <br />public improvement costs using the proceeds n' <br />the non-taxable bond issue. <br />I have placed this item on your agenda for the August 14th <br />Council Meeting not with the intention of requesting your <br />approval but to simply review it briefly with you at that <br />time and allow you ample opportunity to review the <br />Contract. I have also forwarded a copy of this proposed <br />contract to City Attorney Karney for his review and <br />comment. I would ask that Council allow the consideration <br />of this Contract be placed on your August 28th agenda at <br />which time Mr. Ron Langness of the City's f sc-1 consul,4ng <br />firm of Springsted, Inc. will also be present to request <br />Council authorize the sale of the two bond issues related to <br />the project. Should you have any questions at any time <br />regarding the content of this Contract, please do <br />not hesitate to contact me. <br />DFP/MJS <br />W <br />1J <br />