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[Draft Term Sheet subject to ongoing discussions. Terms are subject to change based on a final <br />resolution of all open issues. Draft is being provided to provide a sense of the progress being made <br />in negotiations.] <br />��+ ���� <br />���� � <br />Redeveloper: <br />City: <br />4/14/OS draft v2 <br />TERM SHEET <br />Roseville/Twin Lakes Phase I � �� � �' � <br />(Areas 1, 2, 3, 4, 5 and 8) � <br />The Rottlund Company, Inc., or other redevelopment entity <br />comprised of Rottlund and co-redevelopers, <br />City ofRoseville, Minnesota <br />Redevelopment Property: "Phase P', consisting of the property within Areas 1, 2, 3, 4, 5 and 8, <br />consisting in part of property owned or under contract by the <br />Redeveloper ("Redeveloper Property") and Private Property, all as <br />identified on E�ibit A. <br />Creation of TIF District: The City will create a redevelopment tax increment financing district <br />and any qualifying hazardous substance subdistricts for the <br />Redevelopment Property (the "TIF District") assuming the statutory <br />tests for establishment are met. The TIF District will include Areas <br />1-5 and 8. Any of such parcels currently in a tax increment district <br />will be decertified from that district. <br />The City will properly consider and, subject to a substantive factual <br />basis, will make all necessary findings, including the "but for" finding <br />on need for pulalic assistance. The City will also undertake any <br />necessary or appropriate modifications or refinements to t�e <br />definition ofthe underlying Project area. <br />Fiscal Disparities: The fiscal disparities contribution for the Project will be paid within <br />the TIF District. <br />Eminent Domain: The Redeveloper will use its best efforts to acquire the Private <br />Propei-ty through negotiation with the current owners. The City will <br />assist with acquisition of any remaining parcels through eminent <br />domain, provided: <br />1. The required primary public purpose findings can be found to <br />support such action. <br />2. To institute condemnation proceedings, the Redeveloper <br />provides 10% of the City's estimate of the total acquisition <br />costs, which will include an estimate of market value and <br />