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Housing Development <br /> Fernelius reported that the MPCA has decided that it wants the City to test the topsoil stock pile <br /> that is being removed from the west side. It was discovered to have low levels of diesel range <br /> organics; however the levels are low enough that they could be naturally occurring. There are <br /> now regulations on where the soil can be brought too. Hauling has resumed and grading has <br /> started on the southern site. Once the grading is done,then the streets and utilities will be done <br /> in the fall. There is some question if the developer will be able to start this fall; they may wait <br /> until the spring. <br /> Office Development <br /> Fernelius announced that Staubach Companies has submitted plans for a 70,000 to 80,000 square <br /> foot building, whose primary tenet would be the Teamsters. The preliminary building desing <br /> appears to be consistent with the Northwest Quadrants design guidelines. The City is still <br /> negotiating with Sherman and Associates, who has the right to develop the parcel until April <br /> 2007, to swap the site for a different location on the east side. <br /> Stang inquired how the two level parking plat form design will appear. Fernelius replied that the <br /> City preferred having an underground parking structure,but the client stressed how expensive it <br /> is and they have submitted plans of how it would look. He added that the City during meetings <br /> and reviews of the plans will stress to the developer that this building does not have a back and <br /> they will need to be sensitive on how they design it. <br /> Kaufhold asked if public parking would be allowed at the site. Stang stressed that public parking <br /> for access to the park has to be very well thought out, not just added on to an existing site <br /> because there is room. Kaufhold replied that he had not been thinking about adding parking for <br /> access to the park, but believes that the developer has underestimated the amount of parking that <br /> will be required for the entire development. <br /> Financing <br /> Fernelius reported that the Council will consider bids for the bonds on June 13 and will accept a <br /> bid on the 27th. Flahave inquired what the City's rating is set at and what the return rate is <br /> anticipated to be. Fulton replied that the City has a rating of AA3 and the return rate is <br /> anticipated to between 4 and 5 percent. Fernelius stated that the Council will be considering the <br /> bids on the bonds at the June 27th meeting. <br /> Communications <br /> Fernelius announced that the Northwest Quadrant brochure has been mailed out to the City's <br /> residents. The City has received a very positive response from citizens and the future residents <br /> list has grown quickly. The next step will be for the developers to start a formal marketing <br /> program. <br /> Nelson inquired what the process will be for the RFQ for the commercial properties on the east <br /> side. Fernelius replied that there is a two-step process. The first step is to solicit interest from <br /> the development community and the second step is to have the qualified candidates submit a <br /> proposal. <br /> Page 3 of 5 <br />