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ARDEN HILLS REGULAR CITY COUNCIL MEETNG—DECEMBER 12, 2011 3 is based on appraised values that have been provided by the County and the GSA on behalf of the Army. The assumptions in that appraisal are that the land is clear and cleaned. For the purposes of the appraisal, that was based on 44 percent residential and 56 percent being commercial/industrial activity. The $28.5 million purchase would be reduced based on the cost of demolition of all structures and infrastructure and the cost to remove any contaminants. Mayor Grant clarified that the purchase price would remain at $28.5 but the cost of remediation would come out of that purchase price. Greg Mack stated that the Mayor's point is correct. He stated the third item is an ongoing water filtration system and any alterations to that necessary to develop the site would also be deducted because they were looking at the value of the land as based on the market value highest and best use. To get to those offset numbers, the reductions, Ramsey County has issued a request for proposals to do all that work at a fixed cost. Mr. Mack explained that one of the alternatives is the cost of remediating to a full residential level across the whole 430 acres. Mr. Mack explained that the Vikings have indicated a desire to have the entire 430 acres cleaned to a residential standard and this cost would apply when dealing with the GSA on that reduction. On the 430 acres, there are 400 acres that will be deeded to the county as soon as they are ready to proceed. Those 400 acres have been warranted by the Army to meet all the commercial and industrial standards they are obligated to do. The 30 acre balance includes 5 acres where remediation will be required and the other 25 acres are located under slabs which require additional investigation. As part of the fixed cost contract, the contractor will be expected to complete the stadium footprint (specifically where a building will be placed) within nine months of being given the notice to proceed. He further explained that the whole of the project, all of the land, is to be completed within 30 months. The County will not have all of the proposals from the proposed contractor until December 30 and will be in a position to award the contract in mid January, conditioned upon the project moving forward. He added that with the contract awarded, the County will be in a position to negotiate with the GSA the specific amount to be reduced from the $28.5 million purchase price. Mr. Mack stated in the County's relationship with the Minnesota Vikings, 60.5 percent of the total cost is considered a stadium cost and the balance is the Viking's owners' cost. One of the things that is compelling for the Vikings as they move forward is that the 260 acres involved in the stadium site will be cleaned to a level that gives maximum flexibility in the future. Mayor Grant questioned if Mr. Mack had stated that at some point the property will be deeded to the County. Mr. Mack responded that Ramsey County would be the conduit for this transaction and it would come in two forms; first would be a deed for the 400 acres then a lease on the 30 acres that require remediation. One of the critical parts is to make sure the County has the same protection in the lease that they have in the deed, which means any unknown conditions would be the responsibility of the Federal government. Mayor Grant stated Mr. Mack had indicated they anticipated having a fixed cost by January and questioned how they came up with that date.