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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 />Financial Unfeasibility: <br /> <br />2. To institute condemnation proceedings, the Redeveloper <br />provides 10% of the City's estimate of the total acquisition <br />costs, which will include an estimate of market value and <br />relocation benefits, attorney's fees and other professional fees <br />and services. <br /> <br />3. At the time a court deposit or payment is required, the <br />Redeveloper advances an amount equal to the greater of (i) <br />110% of the estimated total acquisition costs, less the <br />Redeveloper's initial deposit or (ii) the amount of such deposit <br />or payment. Conveyance to the Redeveloper will occur <br />promptly after acquisition by the City. At the closing, the <br />Redeveloper will payor the City will refund the difference <br />between the actual condemnation costs and sums previously <br />deposited by the Redeveloper. If the amount of the award or <br />relocation payment is appealed, the Redeveloper will advance, <br />at closing, 110% of the amount of the Respondent's claim plus <br />the City's estimated costs of defending the appeal, less amounts <br />previously deposited. <br /> <br />4. If the City is unable to acquire a parcel of property through the <br />eminent domain process and, if both parties agree that the <br />elimination of such parcel will not substantially impair the <br />integrity of the entire Project, the parties agree to discuss <br />whether changes to the Concept Plan attached as Exhibit B can <br />be made to accommodate the elimination of such parcel. Any <br />such changes shall be subject to the reasonable approval of City <br />Council and the Redeveloper. <br /> <br />The Redevelopment Agreement will set forth a definition of financial <br />"unfeasibility" which would apply in two circumstances: <br /> <br />1. If the cost to acquire one or more of the parcels in Area 8 <br />substantially exceeds the parties' projections and renders the <br />entire Project (not just the portion of the Project relating to Area <br />8) financially unfeasible, and if both parties agree that the <br />elimination of such parcel will not substantially impair the <br />integrity of the Project, the parties agree to discuss whether <br />changes to the Concept Plan can be made to accommodate the <br />elimination of such parcel or parcels. Such changes will be <br />subject to the reasonable approval of the City and the <br />Redeveloper. <br /> <br />2. If the cost of environmental remediation substantially exceeds <br />the parties' projections and renders the entire Project <br />financially unfeasible, the parties agree to discuss whether <br />changes to the Concept Plan can be made in a way which will <br />not substantially impair the integrity of the Project. Such <br /> <br />2 <br />
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