City Council Minutes 2014 07 01 - Laserfiche WebLink

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City Council Meeting Minutes July 1,2014 Page 16 of 31 repaving streets, public area, public plaza, City drainage line improvement, utility network, improvements to the Comcast property and regional detention. City's Obligations: The City Manager will review and approve the contractors performing the Scope of Work. The City will contribute funding into the Construction Account for construction of the City Drainage Line (Current CIP for $750,000). The City will administer the Construction Fund. The design for the public infrastructure will be addressed through the Final PUD for the DELO Project. This agreement does not affect the public process in determining what improvements will be constructed in the area. This agreement outlines what improvements are eligible for payment with the TIF bond proceeds. Modifications to Term Sheet: Increase the bond issuance cap to $4,500,000; extend the no -call provision on the Bonds from 5 years to 7 years; allowance for taxable issuance component for Scope of Work items, if needed. City Fiscal Impact: City Drainage Line - $750,000 CIP; Staff time — IGA between LRC and City provides payment for work done; Bond repayment will not be a payment obligation of the City, but for the LRC. Staff recommended City Council approve Resolution No. 34, Series 2014, which approves the Core Project Area Agreement among the City, the LRC and Takoda Properties, Inc. and approving modifications to the Core Area Infrastructure Project Term Sheet. COUNCIL COMMENT Council member Stolzmann asked if there would be a separate agreement for improvements in each area or is this just looking at the core area. Economic Development Director DeJong explained the agreement would handle the entire Core Project Area. Council member Stolzmann asked if the LRC wanted to use funding for some other project, would it require a separate agreement. Economic Development Director DeJong explained TIF funding will only be used in the Core Project Area. If there are improvements outside the core area, the LRC will have to make arrangements if they are public improvements. Council member Stolzmann asked who selected the bond counsel. Economic Development Director DeJong stated City Attorney Light recommended Dee Wisor and the financial advisor, DELO and the LRC agreed. City Attorney Light explained the original draft of the development group proposed Dee Wisor. Mr. Wisor was at the time with the firm of Sherman and Howard and is now with the firm of Butler Snow. Mr. Wisor has been the City's Bond Counsel for a number of years. Council member Lipton asked if any of the financing issued by the Urban Renewal Authority appear on the City's balance sheet. Finance Director Watson explained it is