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• IX. FINANCING <br /> It is the city's intent to assess all costs associated with the improvement against the <br /> benefiting property. Since the property is owned by the city (EDA) it will be assessing <br /> itself. It is the city's intent to use the proceeds from Tax Increment Financing (TIF) as <br /> lots are developed to pay the assessments. <br /> In discussions with Cathy Mehelich, Director of Economic Development and Lori <br /> Johnson, Finance Director the major financial issue is the timing of cash flow from TIF <br /> proceeds to retire the debt versus the desire to have marketable lots for industrial <br /> prospects. There are two options to address these competing issues. They are as <br /> follows: <br /> 1. Proceed with design of the plans and specifications for the entire development <br /> and the preliminary platting of the property, but do not bid or begin construction <br /> until there is at least one significant lot development proposed. If plans and <br /> specifications are complete a bid could be sought and construction could begin <br /> within 45—60 days. <br /> 2. A second option would be similar to the first with the exception that the City could <br /> proceed with bidding and construction of the undergrounoLaties in phase one <br /> but not the street component, (project cost estimated at %x,000) then when a <br /> prospect is ready to begin only the street component would need to be bid and <br /> built. If the development of of a lot occurs prior to completion of the street <br /> component temporary access to Twin Lakes Road could be allowed. <br /> • Either of these options would help minimize the financial risk of lacking cash flow needed <br /> to retire the debt incurred with development of Twin Lakes Business Park. <br /> X. ECONOMIC DEVELOPMENT AUTHORITY <br /> Xl. PROJECT SCHEDULE <br /> ktr <br /> EDA Acquires Property 1999 <br /> City Council Orders Feasibility Study April 4, 2005 <br /> City Council Approves Feasibility Study <br /> Plans and Specifications Ordered <br /> Prepare plans and Specifications <br /> Plans and Specifications Approved by City Council <br /> Advertise for Bid <br /> Bid Open <br /> Construction Contract Award <br /> Begin Construction <br /> Construction Substantially Complete <br /> Lots Available for Sale <br /> 5 <br />