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City Council Study Session - 03/15/04 Minutes -Page 4 Mr. Casserly and Community Development Director Dennis Welsh responded that the City has a $500,000 revolving Environmental Protection Agency (EPA) grant for environmental remediation at Twin Lakes. In addition, more clean-up grants would be sought. Mr. Casserly then summarized the preliminary financial pro forma for Twin Lakes Redevelopment. Mr. Casserly noted the financial challenge is due in large part to the large disparity between the acquisition and other costs incurred in redevelopment, on the one hand, and, on the other hand, the value of the redeveloped land to redevelopers after acquisition. Then Mr. Casserly discussed a variety of financial gap strategies for addressing the gaps in the preliminary pro forma. Councilmember Maschka asked about the contract for Exclusive Negotiations with Rottlund. Discussion ensued about the main purposes of the Agreement and how costs are allocated between Rottlund and the City. John Shardlow, President and Director of Planning with Dahlgren, Shardlow and Uban, Inc., and consultant to the City of Roseville, was introduced by Mr. Welsch. Mr. Shardlow addressed the Council about the purpose, role, and operation of the Stakeholder's Panel. Mr. Shardlow spoke about the desired outcomes of the Panel. Mr. Shardlow then presented information about each step of the Stalceholder's Panel, including the next meeting of the Panel this coming Thursday, March 18, 2004. Mr. Shardlow noted that, at each step of the process, there will be updated information on the City's website. Mr. Shardlow noted that the Panel would not make a recommendation about the Project, but its input would be recorded for the benefit of the Developer and City Council. The Council discussion turned toward a more detailed consideration of the Contract for Exclusive Negotiations. Mayor Klausing asked why the City should exclusively work with Rottlund during the next year.