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City Council Regular Meeting - 06/20/05 Minutes - Page 30 benefit a developer and TIF applicant, and opined that such consideration was not applicable with current City policy. Councilmember Ihlan further expressed strong opposition to a majority of the City Council proceeding with entering into this agreement without giving consideration to full protection of the City's interests, which she opined were not being protected. Councilmember Ihlan, City consultants and Developer consultants reviewed several areas of concern related to property acquisition; negotiated changes to the original Concept Plan for mixed uses; and projected rate of return for the developer and requested subsidy. Mr. Strakota clarified original projections for anticipated rate of return, as prepared by his office, noting that for tonight's discussion, 9.15% was an appropriate estimate. Mr. Strakota discussed the conservative nature of the estimates provided, while striving to achieve an improved budget to ensure the project works. Further discussion included identification of the "big box" retailer; environmental remediation to-date and work plan status; importance of the housing component of the project; termination provisions for the City; potential for additional future litigation and risk assessment; City Attorney Scott Anderson, at Mayor Klausing's request, provided opinion as to provisions of a termination agreement clause. Mr. Anderson noted that he had first thought that provision should be included, but after further consideration and reflection, determined that the City would be better protected without such a clause. Councilmember Ihlan again sought to delay further consideration of the project until another time, given the late hour. Mayor Klausing acknowledged Councilmember Ihlan's position, and opined that the City Council's role was to