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<br />. <br /> <br />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 /> <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 design <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 /> <br />. <br /> <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 /> <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 /> <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 2ih. 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. Femelius stated that the Council will be considering the <br />bids on the bonds at the June 2th meeting. <br /> <br />Communications <br />Femelius 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 /> <br />. <br /> <br />Nelson inquired what the process will be for the RFQ for the commercial properties on the east <br />side. Femelius 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 /> <br />Page 3 of5 <br />