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MEMORANDUM OF UNDERSTANDING (MO <br />Purpose: The purpose of the MOU is to set forth understanding of future responsibilities and <br />obligations to be more fully described in a redevelopment agreement for property located within <br />the Twin Lakes Redevelopment Area identified as opportunity areas #1,2,3,4 (the "Development <br />Property") currently owned, under purchase contract or in negotiation for purchase by Roseville <br />Properties, and its affiliates (the "Redeveloper"). The MOU, the Redeveloper's site plan proposal <br />dated , 2003, and the Master Plan (defined below) will be used as a starting <br />point for t�ie further development of formal, legally binding redevelopment contracts and <br />development assistance between the Redeveloper and the City of Roseville (the "City") which <br />are subject to City Council approvals. <br />Minimum Improvements: The Redeveloper shall construct or cause to be constructed the <br />following minimum improvements to the Redevelopment Property: <br />Commercial: <br />A minimum combination of 428,000 square feet of office space, <br />retail and big box retail. The commercial component of the Project <br />may be developed in phases, the first phase of which will include <br />at least 60% of the proposed commercial space. The commercial <br />proj ect will include the following: <br />A maximum of one big box (large single use) retail use within the <br />development at a maximum building square feet of 155,000. No <br />other single occupant retail building will exceed 45,000 square <br />feet. <br />A revision to the Twin Lakes Redevelopment Area Project - <br />Roseville Comprehensive Plan dated June 26, 2001 (the "Master <br />Plan") shall provide for multi-story corporate office, pre- <br />constructed air rights, or neighbor office or a combination shall be <br />provided or reserved for future development. Parking decks and/or <br />underground parking is encouraged and may be eligible for <br />incentives. Any change to the current Master Plan will require <br />Council approval and amendment of the Master Plan. <br />The inclusion of a movie theater will require further discussion, <br />Council approval and an amendment of the Master Plan. <br />l <br />