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City Council Regular Meeting - 06/20/05 Minutes - Page 32 reasonable carrying costs. Carrying costs are those expenses directly related to the holding of the Parcel and reduced by any revenues received on the Parcel. Only actual cash expenses are allowed. No amounts for depreciation, amortization or other non-cash items are allowed. ,~JS8, th@ allwl."@a @!lfI)"iRg @80tS ar@ t€l J;J@ r@.hw@a J;J~' 35.Q~<-, 'l:ai@a Hlil@@ts tae @stimai:@a iR@€lm@ tali J;J@R@t:it €lf thes@ @€lots t8 th@ R@a@':@l€lfler. The cost of the parcel plus the net allowed carrying costs cannot exceed the fair market value of the property on the date of execution of this Agreement. The Redeveloper will certify to the City that such party would be considered unrelated to the Redeveloper or to any of its equity owners under applicable Code regulations." Roll Call [4.1] Ayes: Schroeder; Maschka and Klausing. Nays: Kough and Ihlan. 6.c Twin Lakes Land Use Items [12.1] Consider a Proposed Roseville Twin Lakes, LLC Amendment to the Master Site Plan for Twin Lakes Phase I Community Development Director Dennis Welsch introduced the request of Rottlund Companies, Master Developer for Twin Lakes, for a proposed 77.44 acre redevelopment consisting of 28.86 acres of residential uses (737 units); 10.28 acres of office uses (with up to 275,735 square feet of office space); 29.69 acres of retail and restaurant uses (with up to 312,000 square feet of commercial space); and approximately 8.61 acres of new road right-of-way and ponding/public area. Mr. Welsch advised that in order to complete the final land use phase of the proposed redevelopment by Rottlund Companies, requested approvals were necessary, including an amendment to the Twin Lakes Master Site Plan; vacation of certain public rights-of-way and easements; Final Subdivision Plat; rezoning; and Final Development Plan Twin Lakes Land Use Items Roseville Twin Lakes, LLC Amendment to the Master Site Plan for Twin Lakes Phase I