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Metro Flood Diversion Authority—December 3, 2018 1 <br />METRO FLOOD DIVERSION AUTHORITY DECEMBER 3, 2018—9:00 AM 1. MEETING TO ORDER <br />A meeting of the Metro Flood Diversion Authority was held Monday, December 3, 2018, at 9:00 AM in the Fargo City Commission Room with the following members present: Moorhead City Council Member Chuck Hendrickson; Moorhead City Council Member Joel Paulsen; Clay County Commissioner Kevin Campbell via conference call; Fargo City Mayor Tim Mahoney; Fargo City Commissioner Dave Piepkorn; Fargo City Commissioner Tony Grindberg; Cass County Commissioner Mary Scherling; Cass County Commissioner Rick Steen; West Fargo City Commissioner Mike Thorstad; and Cass County Joint Water Resource District Manager Dan Jacobson. Moorhead City Mayor Del Rae Williams; Clay County Commissioner Grant Weyland; and Cass County Commissioner Chad Peterson <br />were absent. Tom Dawson, Chair of the Chamber Business Leaders Task Force, was also present. <br />Also present were U.S. Senator John Hoeven; Colonel Robert Hilliard, Deputy Commander, Mississippi Valley Division; Colonel Sam Calkins, Commander of the Corps of Engineers, St. Paul District; James Bodron, Director Programs Directorate, Mississippi <br />Valley Division; Judy DeHarnais, Corps of Engineers Deputy District Engineer; and Terry Williams, Corps of Engineers Project Manager. 2. COST ESTIMATE PRESENTATION Mr. Grindberg introduced the cost estimate topic. He said the funding proposal presented today is contingent on the final permit from the Minnesota Department of Natural Resources (MN DNR) and any changes to the project resulting from the new permit. Martin Nicholson from Jacobs Engineering (formerly CH2M) and Attorney John Shockley provided a presentation on the Plan B cost estimate and financial plan. The objectives today are to update costs to current 2018 dollars, incorporate Plan B changes, utilize <br />existing local sales tax dollars, and avoid special assessments. The current estimated cost is $2.75 billion compared to the previous cost estimate of $2.2 billion from 2015 based on Plan A. The estimate is broken down into costs for land acquisitions and impacted property mitigation ($502 million); diversion channel and P3 associated infrastructure projects <br />($989 million); southern embankment and other Corps of Engineers projects ($703 million); Fargo and Moorhead in-town projects ($267 million); and non-construction costs ($250 million). The non-construction costs include studies, design, procurement, legal and financial services, program and construction management, and general contingency items. The costs-to-date are $427 million with remaining costs of $2.3 billion. The financial plan determines the funding and financing needs to cover costs through construction and through operations and long-term debt repayments. The funding sources to be used during construction include grant funds from the Federal government, State of North Dakota and State of Minnesota; sales tax revenues; short and long-term public financing, <br />and P3 financing. The reason for the changes to the financial plan are due to increased program costs resulting from Plan B and inflationary costs; decreased sales tax base revenue; decreases