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This Term Sheet is not a binding contract. Listed terms and conditions are for the purposes of discussion and negotiation only. By approving this Term Sheet, the City does not agree to enter into a Redevelopment Contract on these or any other terms. If the City and the Redeveloper fail to reach agreement on a Redevelopment Contract, this Term Sheet shall create no other legal obligations between the parties. TERM SHEET Roseville/Twin Lakes Phase I (Areas 1,2,3,4,5 and 8) Redeveloper: The Rottlund Company, Inc., or other redevelopment entity comprised of Rottlund and co-redevelopers. City: City of Roseville, Minnesota. Redevelopment Property: "Phase I", consisting of the property within Areas 1, 2, 3, 4, 5 and 8, consisting in part of property owned or under contract by the Redeveloper ("Redeveloper Property") and Private Property, all as identified on Exhibit A. Creation ofTIF District: The Contract for Private Redevelopment (the "Redevelopment Agreement") to be entered into between the parties will set forth the process by which the City will create a redevelopment tax increment financing district and any qualifying hazardous substance subdistricts for the Redevelopment Property (the "TIF District") assuming the statutory tests for establishment are met. The TIF District will include Areas 1-5 and 8. Any of such parcels cUlTently in a tax increment district will be decertified from that district. The creation of the TIF District will be subject to proper consideration by the City and, subject to a substantive factual basis, the making of all necessary findings by the City, including the "but for" finding on need for public assistance. The City will consider any necessary or appropriate modifications or refinements to the definition of the underlying Project area. Fiscal Disparities: The fiscal disparities contribution for the Project will be paid within the TIF District. Eminent Domain: The Redeveloper will use its best efforts to acquire the Private Property through negotiation with the CUlTent owners. The Redevelopment Agreement will set forth the terms and conditions of City assistance with acquisition of any remaining parcels through eminent domain, which shall include: 1. The required primary public purpose findings can be found to support such action.