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Last modified
7/17/2007 9:25:13 AM
Creation date
5/13/2005 2:42:10 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
10297
Resolution Title
A RESOLUTION APPROVING A TERM SHEET WITH THE ROTTLUND COMPANY, INC. FOR THE TWIN LAKES REDEVELOPMENT AREA AND APPROVING THE PAYMENT OF CERTAIN CONSULTING FEES
Resolution Date Passed
4/25/2005
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<br />Business Subsidy Act: <br /> <br />Relocation of Tenants: <br /> <br />with Roseville City Code Sec. 1103.07 and will be set forth in the <br />Redevelopment Agreement. <br /> <br />Except for reporting requirements, the Project is exempt from the <br />application of the Business Subsidy Act. <br /> <br />The Redeveloper will provide relocation services and benefits for all <br />eligible tenants of the Redevelopment Property. The Redeveloper <br />may, in lieu of funding such services and benefits for a tenant, <br />provide a written waiver by that tenant. Such waiver must be in a <br />form acceptable to the City. The Redeveloper will indemnify the City <br />for any relocation liabilities arising under applicable law with respect <br />to any portion of the Redevelopment Property. <br /> <br />Prohibition on Tax Exemption: Once acquired by the Redeveloper, the Redevelopment Property and <br />Minimum Improvements will not become exempt from ad valorem <br />property taxes until termination of the TIF District. This covenant <br />will be contained in a declaration of restrictive covenants to be signed <br />by the Redeveloper and recorded against the Redevelopment <br />Property. <br /> <br />Effect of Term Sheet: <br /> <br />This Term Sheet outlines the terms under which the parties are <br />willing to enter into a Redevelopment Agreement, but does not <br />constitute an offer or acceptance on either party's part. All rights and <br />obligations with respect to the Redevelopment Property will only be <br />as provided for in a Redevelopment Agreement approved by the City <br />Council and the Redeveloper. <br /> <br />G:\WPDATA\R\ROSEVILLE\17\DOCS\TERM SHEET V4.DOC <br /> <br />10 <br />
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