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<br />MEMORANDUM OF UNDERSTANDING (MOU) <br />Draft 08-15-03, revised 12-03-03 <br />(Refer to highlighted areas which contain comments from the City based upon the <br />revisions provided by Target).Underlined and strike out areas are additions and changes <br />from the City from the last version. <br /> <br /> <br />Purpose: The purpose of the MOD is to set forth understanding of future responsibilities and <br />obligations to be more fully described in a redevelopment agreement for parcels located <br />generally at 1515 County Road Band 2194 State Farm Road (the "Target Property") owned by <br />Target Corporation or its affiliates ("Target"), and another parcel at 1500 Highway 36 West (the <br />"Wellington Property") owned by Wellington Management, Inc. or its affiliates ("Wellington"). <br />The Target Property and the Wellington Property are jointly referred to hereunder as the <br />"Development Property(s)" and Target and Wellington are jointly referred to herein as the <br />"Redevelopers" and each individually is a "Redeveloper". The MOD, based on the Redevelopers <br />site plan proposal dated will be used in connection with the <br />finalization of formal, legally binding redevelopment contracts, public infrastructure <br />improvements and development assistance between the Redevelopers (one or both of them) and <br />the City of Roseville (the "City") which are subject to City Council approvals. <br /> <br /> <br /> <br /> <br />Separate But Coordinated Site Plan and Improvements: Because of different land ownership <br />patterns, the Redevelopers must apply <br /> <br /> <br />Deleted: but in a coordinated manner <br />for all in this <br /> <br />Minimum Improvements: Each Redeveloper - independent and separate from the obligations <br />of the other Redeveloper - shall construct or cause to be <br />constructed the following minimum improvements or their <br />respective portion of the Redevelopment Property: <br /> <br />Commercial: <br /> <br />The commercial project will include the following: <br /> <br />On the Target Property, a maximum of one large single use retail <br />building initially appropriate for a "Super Target" store with a <br />maximum building square feet of 175,000. In addition, the Target <br />Property may include up to two (2) outparcels for development of <br />two (2) single or multi-tenant retail buildings for general retail, <br />