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Revitalization Commission <br />Minutes <br />September 8, 2014 <br />Page 4 of 6 <br />property share. Each property can provide their own regional detention if they <br />wish. The City is not going to force properties to join. <br />Commissioner Fisher said this is a good deal for businesses coming in. DeJong <br />agreed, saying it allows them to fully develop property and that there is more <br />value to developed land. <br />Commissioner Gorsevski said detention ponds are hard to develop. Do these <br />numbers adjust if they have grassy features? And do these numbers adjust over <br />time with inflation? DeJong said that is what he needs direction on. <br />Chair Becker asked if 20 years go by does City take the repayment over? After <br />2033, no one has to pay? Attorney Light said the LRC will still be alive. Authority <br />still has authorization. <br />Commissioner Lathrop said once we determine actual cost, there should be <br />inflation adjustment for each year. Who will own detention? DeJong said the City <br />will own it. <br />Chair Becker asked if it costs $675,000 to do this and the TIF Bonds contribute <br />$350,000, how do we make up shortfall? The LRC will need to fund the <br />difference and then seek reimbursement from future projects that utilize the <br />facility. <br />Justin: need to get rid of fill, $11 can be lower. If we can address getting rid of <br />fill, the number will come down dramatically. <br />Direction was given to staff that the assumptions for repayment look good, but to <br />add an inflator to the costs as time goes by. <br />Chair Becker asked City Manager Fleming if he feels his questions have been <br />answered. Fleming replied: yes, and that DeJong has done a good job and has <br />reached out to property owners. <br />Proposed Terms of Regional Detention Land Compensation <br />The City expects to be compensated for the land used for the detention pond. <br />Staff has commissioned an appraisal. LRC will compensate the City. There will <br />need to be an agreement structure between City and LRC. City Manager <br />Fleming said it is compensation to City for lost utilization. <br />Chair Becker said the chore here is what is the compensation? What is <br />mechanism? Two appraisals? City Manager Fleming said he will argue for a <br />floor. That property has value to City. <br />5 <br />