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upgrade. Nelson asked whether if the uses exceed the sources, the expenditures would be cut <br /> back or if staff tries to find more funding. Black indicated that both are options, noting that the <br /> goal has always been for the City to pay itself back for the cost of the development. <br /> Kaufhold inquired if putting the power lines underground is an expense borne by the City or the <br /> utility company. Black replied that Xcel would bury power lines at the cost of the development. <br /> Kaufhold suggested that staff talk with Xcel to see if the development could be placed under a <br /> special district, so the City will not have to bear the cost of putting the lines underground. <br /> Harmon added that this a preventative measure that will decrease the amount of downed power <br /> lines and would be an advantage for the power company. Nelson suggested that having lines <br /> underground creates different issues and would not necessarily save the company money. <br /> Fernelius replied that staff would check into setting up a special district. <br /> Delaune inquired if this document will be the approved financial document for the development. <br /> Fernelius replied that this document is more a planning tool. Black added that the revenue will <br /> come down to the valuations that are assessed to the properties, which are unknown. Staff has <br /> been using a conservative approach so that hopefully the final numbers will be better. Flahave <br /> asked what the estimated payback period will be for the citizens. Black replied that this district <br /> is in place for twenty-five years, however if it is paid off before that time the district will be <br /> decertified. <br /> Harmon would like to have the numbers that will not change bolded or highlighted in some way. <br /> She is also interested in a chart of the City's TIF districts that indicating when the districts were <br /> started, and when the districts were decertified or are expected to be decertified. Black <br /> suggested that it may be helpful to select a specific development in order to help explain it. <br /> Kaufhold added that it would be a good public relations approach. <br /> Flahave inquired if the bond issue has been completed. Black replied that there are two bond <br /> issues that have been sold and a third is projected for next spring. Flahave asked what the City's <br /> bond rating is. Larson replied that the City has an AA2 rating, adding that the City's rating <br /> saved the City roughly $400,000 at the last bond issue. Kaufhold requested a list of the original <br /> projections for the development and see what it is at now. Black replied that he could pull <br /> figures out from five to six years ago; while revenues are significantly higher, so are the <br /> expenses due to the drastically changing market. <br /> Brighton Village <br /> Black reported that the concrete has been removed from the site. Staff has not heard from Kraus- <br /> Anderson or the hotel developer to justify why TIF is needed for the hotel to be developed, and <br /> nothing has been submitted for review. <br /> Marv's Transmission Site <br /> Nelson asked if Marv's has been torn down. Black replied that Marv's Transmission and <br /> Harry's Survival Station have not been demolished since the contractor didn't realize that <br /> Page 4 of 5 <br />