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Revitalization Commission <br />Minutes <br />December 8, 2014 <br />Page 2 of 5 <br />Reports of the Commission: <br />Rick Brew gave an update on the Delo project to the Commission. Griffith Street will <br />have new utilities. The street is being graded for drainage. The first townhome will start <br />in January or February 2015. For the TIF Bond reimbursements, RMCS is waiting for <br />Public Works to review reimbursement procedure. Phase Two will go to Planning <br />Commission in January. The Comcast issue is proceeding slowly. Brew feels a firm <br />contract will be in place in February or early March. <br />Economic Development Director Aaron DeJong reported the Arnold family has a <br />document completed with BNSF and is waiting for BNSF to sign. They will go before <br />Planning Commission in January or February. <br />Tebo has submitted new architecture for their project and will go before Planning <br />Commission early in 2015. <br />Business Matters of the Commission — <br />a. Public Hearing: Amended 2014 LRC Budget: <br />Chair Becker opened the Public Hearing <br />DeJong said the LRC budget needs to reflect revenue received in 2014. <br />1) $750,000 revenue addition relating to the initial advance of the Core Area <br />TIF Bonds <br />2) $93,440 revenue from the DELO developers that goes into the <br />Construction fund to serve as the required 15% public improvement <br />guarantee to the City. <br />3) $100,000 estimated expenditure of Construction Fund monies. The DELO <br />developer intends to submit a pay request for infrastructure work done this <br />year. The request is expected to be less than $100,000. <br />4) $55,500 expenditure for the Core Area Bond Issuance Costs. This <br />includes the fees for Butler Snow, George K. Baum, and U.S. Bank. <br />The Project Engineer will provide detailed invoices. Payment process still being <br />put in place. <br />There was discussion of the contracts for the project being in place but budget <br />amendment not approved by the LRC or City Council. City Attorney Light said <br />Council gave approval for bond issuance. That gives rise to Amendment. <br />Commissioner comments <br />Commissioner Menaker said there is no way to go back and change the <br />cooperation agreement with the County. At the time it was written it was deemed <br />necessary. <br />Commissioner Tofte said this has been a very transparent process. <br />3 <br />