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<br />City Council Regular Meeting - 04/25/05 <br />Minutes - Page 25 <br /> <br />an independent audit reVIew as part of the redevelopment <br />agreement. <br /> <br />Further discussion included clarification of environmental clean <br />up costs and assignments; changing use of property and higher <br />environmental upgrade requirements for a higher and better use; <br />and incentives for the developer to identify responsible parties to <br />assist financially in parcel clean up. <br /> <br />Mr. Casserly was directed, as suggested by City Attorney <br />Squires, to refine language to provide statutory application <br />identifying the City Council as the authority having the right to <br />decline to approve the minimum improvements if it appears to <br />the City Council that the total market value of the minimum <br />improvements will not be at least 90% of the total market value <br />projected in the redeveloper's pro forma. <br /> <br />Maschka moved, Schroeder seconded, adoption of Resolution <br />No. 10297 entitled, "A Resolution Approving a Term Sheet with <br />the Rottlund Company, Inc. for the Twin Lakes Redevelopment <br />Area; and Approving the Payment of Certain Consulting Fees;" <br />Authorizing preparation of a Redevelopment Contract with <br />Rottlund Companies for the Twin Lakes Phase I development <br />plan per the requirements outlined in Council Resolution No. <br />10285 approved March 14,2005; noting that tonight's consensus <br />comments and discussion be incorporated into the <br />Redevelopment Agreement; as further refined and amended <br />during tonight's discussion. <br /> <br />Councilmember Ihlan provided a bench handout, and moved a <br />friendly amendment to the motion as follows, striking Paragraph <br />1.02 of the above-referenced resolution and substituting: <br />"This Term Sheet is not a binding contract. Listed terms <br />and conditions are for the purposes of discussion and <br />negotiation only. By approving this Term Sheet, the City <br />does not agree to enter into a Redevelopment Contract on <br />these or any other terms. If the City and Rottlund fail to <br />reach agreement on a Redevelopment Contract, this Term <br />Sheet shall be null and void and create no other legal <br />obligations between the parties. " <br />