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CONFIDENTIAL ATTORNEY/CLIENT PRIVILEGED COMMUNlCATlON- NOT TO BE DISCLOSED Kurt Ulrich - Executive Director Economic Development Authority June 10, 2005 Page 4 e. Environmental Indenmitv. The City anticipates receiving a ''No Action" and ''No Association" letter from the MPCA pertaining to environmental conditions existing at the site. The City has responded to a draft Indemnity and release Agreement from Medlronic, the terms of which can be discussed further with the EDA on Monday. f. Conditions urior to convevance of land. Prior to conveyance of the land from the EDA to Medlronic, the City needs to complete the following: i. Approval of the Alternative Urban Areawide Review (AUAR). It is anticipated that the City Couucil will consider final approval at their June 13, 2005 meeting. ii. Approval of special legislation. It is anticipated that the City Council will consider approval at their June 27, 2005 meeting). iii. Removal/relocation of Clear Channel billboards. The developer agrees to work in good faith to minimize the economic impact ofthe removal of the billboards by allowing two (2) billboards to remain on site. iv. Approval of a Comprehensive Plan amendment. It is anticipated that the City will consider final approval at their June 27, 2005 meeting. v. Conveyance of the property from the City to the EDA. The City will undertake the ordinance process required by City Charter to authorize this conveyance. It is anticipated that 1his will be considered by the City Council in July. vi. Medtronic is required to fmalize negotiations for purchase of property located within Blaine ou or before September 30, 2005. g. Right of Reverter. The EDA has the authority to re-enter and take possession of the property and to terminate and revest the land if Medtronic fails to initiate construction, construct the facility or abandons or substantially suspends construction work. This Right of Reverter shall be in place for one (1) year from the date of transfer of title to Medtronic. h. Resale of Reacouired Prouertv. Under the Right of Reverter clause, the CitylEDA will have the right to resell the property to a qualified and responsible parly who will assume the obligation of completing the construction of the facility. Sale proceeds will be distributed first to the CitylEDA to cover costs incurred, including CitylEDA personnel, in connection with recapture, management and resale of the property, taxes, assessments, sewerlwater charges, payment of encwnbrances or liens or any expenditures made or obligations incurred with respect to the making or completion of the development. Any remaining balance shall be paid to Medtronic. SJR-2639tlSvl MU205-3Q