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City Council Regular Meeting - 06/20/05 Minutes - Page 28 Roll Call [3.2a and 3.b] Ayes: Schroeder; Maschka and Klausing. Nays: Kough and Ihlan. 6.b [4.1] Consider a Proposed Contract for Private Redevelopment by and between the City of Roseville and Roseville Twin Lakes, LLC, for Redevelopment of Twin Lakes, Phase I Councilmember Ihlan suggested that, given the significant new provisions to be considered in the proposed Development Contract, recessing and reconvening the meeting on another day may be appropriate. Mayor Klausing suggested Councilmembers make their closing arguments shorter to preserve time; and if necessary the entire Council could determine if they wished to proceed at this or another time. [4.1] Gay Reiter, Krass Monroe Ms. Reiter reviewed the provisions of the June 15, 2005, version 6 Draft of the Contract for Private Redevelopment by and between the City of Roseville, MN and Roseville Twin Lakes, LLC. Ms. Reiter reviewed those items representing significant revisions and negotiations since previous term sheet discussions. Councilmembers addressed their questions to each specific area as applicable. Items discussed included specific timetables set forth as benchmarks for the redeveloper to have control of different parcels; Eminent Domain obligations; previous Council concerns regarding piecemeal development; primary intent and costs of development related to environmental contamination and property acquisitions costs; annual certification of eligible TIF costs to the City by the developer; anticipated return developer is allowed to receive and a cap on assistance as per formula, with the redeveloper allowed to make up to 12.5%, at which time the City shares in any excess profit to provide an incentive to the developer; and land price determination. Resolution 10317 Proposed Contract for Private Redevelopment by City of Roseville & Roseville Twin Lakes LLC, for redevelopment of Twin Lakes Phase I