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Minimum <br /> Development: 392 units of housing; 488,960 square of commercial development; $121 million of <br /> market value; $1.81 million of annual tax increment; $34.4 million of gross tax <br /> increment. Build-out: 2013-2017. <br /> No Further <br /> Development: 124 units of housing; 171,360 square of commercial development; $28.5 million of <br /> market value; $544,000 of annual tax increment; $11.3 million of gross tax <br /> increment. Build-out: What is already in the ground or underway. <br /> Mark Ruff, gave an overview of the financial analysis of New Brighton Exchange. In short, each of the <br /> scenarios is based on a conservative set of assumptions; in fact none of the development scenarios assumes any <br /> inflation in underlying property values or accounts for any land sale revenues. Several questions were asked by <br /> members of the City Council regarding the analysis that was completed by Ehlers. <br /> After much discussion, City Manager Lotter asked if the City Council would like to have the prospective <br /> developer for the west side of the New Brighton Exchange come in on June 26th to discuss the details of their <br /> plans regarding single family homes. Council agreed. Since the concept of single-family housing was not part <br /> of previous planning efforts, Community Development Director Grant Fernelius asked if the Council wanted to <br /> have the Economic Development Commission(EDC) and the Planning Commission weigh in on the idea first. <br /> The EDC and Planning Commission would hear about the proposal during the month of June and then forward <br /> their input to the full Council. Council agreed with this suggestion. <br /> Community Development Director Grant Fernelius stated that in an effort to better communicate with the City <br /> Council on the commercial marketing efforts, staff has included a summary of the last monthly status call with <br /> Colliers and Ryan Companies. Starting in May, the parties began holding 30 minute conference calls on <br /> marketing activities. This information will be distributed to the full Council and EDC on a monthly basis. <br /> The worksession was adjourned at 6:30 pm. <br /> 2 <br />