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City Council Regular Meeting Minutes • September 26, 2000 Page 6 1 Cavanaugh introduced Mr. Jim Prosser, Ehlers, and invited him to address the Council. Mr. 2 Prosser noted that the planning process.that Mr. Shardlow reviewed is a solid process. The next 3 step, he noted, would be to market'the project to developers, and then asking developers to sub- 4 mit a development program. For example, for a part of the development, their program might in- s clude a certain amount of retail, housing, etc., but it would be enough information for the City 6 and Staff to access the project, and the City would have enough information to chose the project 7 with which it wanted to proceed. 8 Thuesen asked for Mr. Prosser to expand on the information.on page two of the handout from 9 Mr. Shardlow regarding "Ehlers& Associates'Marketing." Mr. Prosser said that at some point, 10 they would be asking developers to identify to.,them the likelihood of development possibilities. 11 Then that information would be taken to identify some of the economics based on the developer's 12 submission. 13 Thuesen asked from Mr. Prosser's:prospective, the design has to make economic sense, no matter 14 what individuals would prefer. Mr.-Prosser agreed that any suggested project must make eco- 15 nomic sense for the City. Thuesen inquired about the projects on which Mr. Prosser is currently working. Mr. Prosser 7 gave several examples of noted projects in which he personally has been involved. 18 Thuesen asked Mr. Prosser to justify why the firm of Ehlers is suited to handle this project for 19 the City. Mr. Prosser responded by discussing the firm's plans for the project, as well as the past 20 and present experience of similar projects for"other cities. 21 Mr. Shardlow also approached the Council and noted the past and current projects that the firm 22 of DSU is involved in, and the similarities between those projects with the proposed project for 23 the City. `~ 24 Thuesen asked Mr. Shardlow the past experience he had that would assist him in dealing with 25 leasing situations such as the Herbergers in the Apache Mall. Mr. Shardlow responded to 26 Thuesen's concern. 27 Horst inquired of Mr. Shardlow about the dollar figures presented on page two of his detailed 28 handout. Mr. Shardlow noted he has been doing projects similar to this for a long time, and he 29 felt that it would be best to provide economic figures to the City for the best understanding of the 30 project. 31 Cavanaugh confirmed that Springsted would continue to be the City's financial advisor, in re- sponse to a concern by Horst. Cavanaugh further confirmed that Ehlers would be teaming with the City to work on this phase of development for the City,but he wished to make it clear that 34 Springsted would continue to work as the City's financial advisors.