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Turning to the quarterly cash flow projection, Black noted that shortfalls are projected in 2008 or 2009, <br />assuming the dump closure would cost approximately $11 million, which would include venting and <br />monitoring systems. Flahave asked whether the $10,470,000 in bond proceeds is a surplus from the other <br />TIF districts. Fernelius replied that was correct. Lotter noted that the Council decided to view the entire <br />City as one project, allowing funds to be pooled to assist other areas within the City. Black added that <br />there are several ways to reduce the deficit. Delaune asked whether the Council is still optimistic. Larson <br />replied they are still optimistic, since Casserly has always been very conservative with the numbers and <br />projects a worst-case scenario. Black added that there are several positive signs including Al'i Group, <br />Transoma and an upscale hotel developer that recently approached the City. He noted that the City has <br />not been marketing aggressively since there is cleanup that still needs to be done, yet developers and <br />companies are approaching the City, and suggested that when marketing truly begins it will only get <br />better. Fernelius stated that staff has been conscious of not spending money far in advance of the <br />development, trying to time the cleanup to just before the development will be ready to go. <br />Flahave asked whether the numbers have been run assuming all office on the west side. Lotter replied <br />that the Council has decided to it is not time to explore that possibility at this time, <br />Other Projects <br />Flahave inquired about the cost of upgrading Old Highway 8. Fernelius replied that it should cost roughly <br />$3 million. Flahave asked what is happening with the new construction at the old Hubcap Warehouse <br />site. Femelius replied that the site is currently closed and development has stopped since the owners have <br />W,ot paid the contractors. Larson added the contractors have not been paid due to multiple code violations <br />that were found by the Building Official. Delaune asked who is at fault. Black replied the building <br />official believes that the contractor is at fault. <br />Announcements <br />Harmon noted that National Night Out will be held tonight and Stockyard Days will begin next week. <br />Adjournment <br />The meeting was adjourned at 8:27 a.m. <br />• <br />Page 4 of 4