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NOTE: LEASE TERMS, REVENUE TO BE PAID BY CLEAR CHANNEL AND COSTS OF RELOCATION ARE PROPOSED TERMS SUBMITTED BY CLEAR CHANNEL TO THE CITY AT THIS TIME, THE CITY HAS NOT ACCEPTED THESE TERMS AND HAS VERBALLY PROVIDED A COUNTER OFFER. FINAL TERMS MAY BE AVAILABLE AT THE MEETING ON JUNE 13m AND TIllS MEMORANDUM WILL BE UPDATED TO REFLECT THEM. CONFIDENTIAL ATTORNEY/CLIENT PRIVILEGED COMMUNICATlON- NOT TO BE DISCLOSED Kurt Ulrich - Executive Director Economic Development Authority June 10,2005 Page 6 4. Construction ofMinimnm Improvements and Public Improvements a. Minimum hnprovements. Medtronic is required to constroct an 820,000 sq/ft office complex (with supporting accessory uses) on the site at a minimum value of $65.6 million. Construction shall commence by December 31, 2005 and be completed by December 31, 2008. b. Reconstruction of Imlltovements. If the development is destroyed before or after comptetion of the project, but prior to payment in full on the TIF Note or tennination of the District, Medtrornc has one (1) year from the date of the damage or destruction to begin reconstruction of the development at a value at least equal to the original value. c. Public Improvements. Tbe City is required to install all necessary offsite water and sewer line improvements necessary for the development. This includes the extension of the water main, sanitary Sewer and storm water lines. It is estimated that these improvements will cost approximately $400,000 and the CitylEDA will be reimbursed through available TIF frrst from this District then as needed from other available TIF funds. Medtronic will be responsible to pay for all onsite water and sewer improvements required to service the development from the property line. d. Roadwav Imorovements. Several roadway improvements need to be completed, not only to accommodate this development, but to improve existing conditions and address future traffic issues due to growth occurring in surrounding communities. On April 11, 2005, Governor Pawlenty signed the State's Bonding Bill that included appropriations for road improvements to address existing conditions and to accommodate this development. The amount appropriated for these improvements is $20.5 million and will be utilized for improvements to Airport Road, County Road J, Sylite Street, Coral Sea Street, Interstate 35W, Naples Street and reconstruction of the County Road J and 35W bridge. It is anticipated that all roadway improvements will be completed by 2008, and coordination oftbese improvement projects is to be completed by Ramsey County. This funding not only allows these required projects to bappen ahead of schedule, but also saves tbe City money that the City would bave been required to expend for required road improvements to County Road J. SJR-26396Sd MU2l15--JO