Laserfiche WebLink
<br />. 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 /> <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 />Hannon 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 staffwould check into setting up a special district. <br /> <br />Delaune inquired if this document will be the approved financial document for the development. <br />Pernelius 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. Staffhas <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 /> <br />. <br /> <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 TIP 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 /> <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 /> <br />Brighton Village <br /> <br />Black reported that the concrete has been removed from the site. Staffhas 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 /> <br />. <br /> <br />Marv's Transmission Site <br /> <br />Nelson asked ifMarv'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 /> <br />Page 4 of5 <br />