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ARDEN HILLS CITY COUNCIL -FEBRUARY 12,2007 7 Councilmember Grant left the meeting at 8:31 p.m. and returned at 8:32 p.m. Mayor Harpstead recommended under Section 8 on page 10 they include public financing also. Councilmember Holden asked if there was depreciation of reimbursable costs of developer rescinds. Mr. Bubul responded there was not. Ms. Wolfe noted they had discussed this at length and that was part of the reason for the process they developed. Mr. Bubul responded the actual dollar amount would be determined by the expert advice. Councilmember Holmes noted what he was saying with respect to W(b) was reasonable, but the way the document was worded incorrectly. She noted there was nothing in there that the City could pay the developer, work with the government, etc. Mr. Bubul responded the reason for the time period was to allow the City to do this. Councilmember Holmes stated this had to be more clearly delineated. Mr. Bubul responded they would look at this. Councilmember Holmes stated it should not say the developer can require the City to rescind. She believed it was the City's discretion to rescind. Mr. Bubul stated he got the impression that the City did not want to go in that direction, but if they wanted this, it could be addressed. Mayor Harpstead recommended they work on the wording for this section. Ms. Wolfe stated it was under her direction that they went in this direction because she did not feel comfortable recommending something else, but if Council wanted to go in that direction, she would not have any issue with it. Councilmember Holden asked if the developer defaulted, would the City have to refund its earnest money. Mr. Bubnl responded if they rescinded, the City would need to refund the earnest money. Councilmember Holden asked if there was any reason at all the developer would not be returned his earnest money. Mr. Bubul responded the developer had to go through the process under Section 10, and once they followed that process the City would be required to return the earnest money. However, if the developer defaulted, that was a situation where the earnest money would not go back, but that was the only circumstance he could think of. Mr. Bnbul noted the reference to Section 11 would be struck. Mayor Harpstead asked if executing this document with an acknowledgement of the Developer's proposed property use commit the City to any specific land use outside of the normal and customary planned use or zoning processes. Mr. Bubul responded no. Mayor Harpstead asked if the Preliminary Development Agreement changes the City's obligation or options in the Offer to Purchase with the Department of the Defense and GSA in anyway. Mr. Bubul responded no.