City Council Study Session Summary 2015 01 13

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City Council Study Session Summary January 13, 2015 Page 2 of 5 Commissioner Menaker said this is the first year the LRC has been revenue positive. All money borrowed from city has been paid back. The LRC has developed a valid but conservative forecast on TIF revenues and LRC looks forward to being proactive. $4.5 TIF supported bonds have been issued. The fiscal risk to City in repaying the bonds back is zero. DELO Phase I will go vertical within 30 days. Alfalfa's is open. Jim Loftus will begin building apartments soon. The Commission is very excited about the future and thanks council for support. What worked well: Chair Becker said they have charted the course more effectively. He gave credit to staff and public who have shown up to meetings. Staff has helped the LRC understand the environment they work in. The group has worked well together. Different perspectives have been useful. What didn't work well: Obtaining third party responses has been difficult. Plans and goals for next year: The Commission is formalizing goals now. The LRC wishes to positively affect what is happening in the City. Commissioner Bob Tofte said the LRC can begin visioning in the Urban Renewal Area. With some of the funds available in the next 10 years, the LRC can think about how to enhance connections between neighborhoods. They look forward to cooperative adventures ahead. Commissioner Gorsevski said the mission is to reduce or eliminate blight and looks forward to small project improvements. He appreciates the collaborative environment. Commissioner Fisher is impressed by group dynamics and staff reports. Mayor Muckle commented on Hwy 42 project and connectivity — perhaps improve alleys and making them usable spaces. Chair Becker asked for feedback from Council. Mayor Pro Tem Dalton said before you look at a list of what you want to do, see how much money you have. Commissioner Menaker said there are a lot of projects coming to Council and projections are good. Commissioner Tofte said this is a 25 year term for Urban Renewal Authority TIF and it is a long term. Council member Stolzmann asked what the LRC's priorities are for TIF revenue. Projects put in the packet are beneficial projects. The LRC is bound by the IGA with the City, no matter how much LRC wants to fund a project, it will all be done collaboratively. The LRC thanked staff for their support and asked Council to come to meetings. Mayor Muckle thanked the LRC for their work and said it will be an exciting to see projects ahead.