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City Council Regular Meeting — 03/14/05 Draft Minutes - Page 17 Ihlan moved, to table until the next meeting, or another more appropriate time in March, action on this requested item. Mayor Klausing declared the motion failed due to lack of a second. Maschka moved, Schroeder seconded, adoption of Resolution No. 10285 entitled, "A Resolution Authorizing Continuation of the Contract for Exclusive Negotiations between the City of Roseville, MN and the Rottlund Company, Inc. for the Twin Lakes Redevelopment Area." Councilmember Maschka spoke in support of the motion, noting that this moved to the next step and determine the term sheets, and opined it would be consistent with past 3/2 votes to-date. Mayor Klausing noted that Councilmember Ihlan had asked several questions of the developer at the last meeting, and questioned whether those had been answered to her satisfaction. Councilmember Ihlan noted that the developer had modified the pro forma based on her questions, and requested further clarification at tonight's meeting. Bob Strakota, Shennahan and Company, Appraisal Evaluation Company Mr. Strakota, responded to Councilmember Ihlan's various questions related to the revised comparisons provided at her request. Discussion included, costs and revenues related to corporate office, rather than corporate land for a built-out office based on market value; rents and/or leasing arrangements and tenants; indirect construction costs identified; indirect financing costs (soft costs such as legal and engineering); developer overhead and administration; marketing and sales commissions; and drop in percentage of profit for office build out projections. Further discussion included projections and square footages proposed for retail and restaurant facilities. Michael Noonan, Rottlund Homes and John Johannson, subdeveloper Mr. Noonan and Mr. Johannson responded to questions of Councilmember Ihlan related to marketing, retail space; market