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Council directed staff to work with the City Attorney to amend the agreement allowing <br />the changes (7`h amendment). <br />Staff is to advise Pratt verbally that the Council will support the proposed amendments, <br />but, the language in the amendment must be clear that the developer needs to reach the <br />60% benchmark. <br />Council will give formal direction for staff to negotiate the amendments to the <br />agreement at the April 81h meeting. <br />Key Financial Management <br />Faust — expressed that Emerald Park ($1.4 Million) needs to be part of Key Financial <br />Management Planning. <br />Kvilvang — Presented: <br />1) St. Anthony's financial planning is an excellent example for all Cities. <br />2) War Chest theory. In 2007, the City allocated over 4 million dollar from the chest on <br />goals with no expense to the taxpayers. They included $1.2 on Silver Lake Road, $1.2 on <br />Foss Road Lift Station, $700,000 on wireless water meters and $925,000 to pay -off 3 <br />bond issues. <br />3) Capital Equipment Funding — MSA funding has been cut back and the need to cut back <br />on expenditures or look for another funding source to cover the $60,000. <br />4) Silver Lake Road — Because the City cannot assess the project, the goal is offset the <br />increased levy by the three bond issues that were paid off ($87,000). <br />5) Chandler TIF — a total $322,000 is available from the 2009 and 2010 proceeds. <br />6) Reduction in road improvement levy. Based upon the current fund balance, there is <br />the ability to reduce the levy by $200,000. Ms. Kvilvang stated that for every $100,000 <br />in levy it is equal to $1,000,000 in debt. If we were to reduce the levy it would equate to <br />an average saving of $22.00 on a $258,000 home. <br />Faust — supported using the $200,000 toward funding of the Capital Improvement Plan <br />for improvements to our buildings and incorporating the redevelopment of Emerald Park <br />into the plan. He indicated that because of the economy it might be a good environment <br />to bid the project at a lower cost. <br />Question was asked when was the best time to bid Emerald Park. <br />