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Mike Morrison <br /> May 6, 2003 <br /> Page 4 <br /> 5. Is the redevelopment proposal financially feasible? <br /> Ehlers is in the process of completing a financial review of the proposed options for financing the <br /> redevelopment of this site. In addition, Ehlers is reviewing Amcon's development proforma from <br /> the aspect of development costs in relation to industry standards for pre-construction, <br /> construction, financing and development costs. A final financial analysis will be brought before <br /> the City Council at the time they will be considering a final Development Agreement with <br /> Amcon. <br /> 6. What other issues should the City consider as part of this redevelopment proposal? <br /> The six (6) month term of the Pre-Redevelopment Agreement will allow the City, Ehlers and <br /> Amcon the opportunity to review answers to the following questions: <br /> 1. Should money from the redevelopment of this site be utilized for the new Fire <br /> Station/Public Works Facilities or for a new Municipal Liquor Store? <br /> 2. What are the financial impacts to the City for closing SAV I for an interim period of time; <br /> and <br /> 3. Any other issue the City Council desires to review <br /> Based upon the preliminary review of the development proforma submitted by Amcon and the <br /> proposed options, I am confident that if the City elects to proceed with the redevelopment, that <br /> Amcon will be able to complete it in accordance with the City's time frame and to the City's desired <br /> standards. Pease contact me at 651-697-8506 with any questions. <br />