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Ms. Nichols explained that only the County Fiscal Officer can assign value to the project when the project is complete. Nevertheless, she expressed confidence in the analysis presented by Director Sylvester and his estimates of valuation. She pointed to projects in which Project Management Consultants estimated the value very close to the final assessed value. She described the multiplier effect, which is the additional spending that new residents and workers may do in the community. The multiplier effect is hard to quantify. Ms. Nichols conveyed to Council that further delays to the project could be problematic due to the volatile economy. Discussion: Mr. Rader observed that the majority of the tax revenue from the project will be benefitting the school district and asked about the City's portion. Ms. Nichols responded that it is typical for a return on investment calculation for a project of this nature to count revenue toward schools as benefitting the community. Project timing Ms. George expressed a preference to take more time deliberating beyond the targeted vote in May. Mayor Summers responded that the process has already been underway for 15 months. Mr. Papendreas explained what happens at the upcoming International Council of Shopping Centers Convention and how Carnegie will be using it as an opportunity to vet and identify retailers and tenants for the development. Having Council buy -in of the term sheet lends credibility to the project that will be important when initiating conversations with retailers. Director Sylvester elaborated further on why May is a good target for approval of the term sheet, explaining the construction season and how a delay now will have a ripple effect. He stated that this is a critical decision point that will ensure tenants are in place in fall 2020. If Council delays then that target date will be pushed back. Mr. Papendreas stated that Carnegie is at a disadvantage if it can't be clear on when it will deliver and make commitments to retailers. He explained to Council why the timeline for deliberation is not unlimited and the dynamics of the industry. It was clarified that abatement and demolition at the site could begin in August on the current timeline. Mr. O'Leary recapped the work done to date deliberating on this topic and characterized it as appropriate and not rushed. Project Financials In response to a Councilmember question, Director Sylvester clarified that the salary assumptions for the residential units are based on and reflective of what the rents will be for the units.