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4I�421105 draft v34 <br />TERM SHEET <br />Rosevilie/Twin Lakes Phase I <br />(Areas 1, 2, 3, 4, 5 and 8) <br />Redeveloper: The Rottlund Company, Inc., or other redevelopment entity <br />comprised of Rottlund and co-redevelopers. <br />City: City of Roseville, Minnesota <br />Redevelopment Property: "Phase I", 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 Exhibit A. <br />Creation of TIF District: The ontract for Private Redevelonment (the "Redevelopment <br />A reement" to be entered ' will set forth the <br />process by which the City will create a redevelopment tax increment <br />financing district and any qualifying hazardous substance subdistricts <br />for the Redevelopment Property (the "TIF District") assuming the <br />statutory tests for establishment are met. T[le TIF District will <br />include Areas 1 5 and 8. Any of such parcels currently in a tax <br />increment district will be decertified from that district. <br />The creatiion of the TIF District will bc <br />subiect to �ro�er consideration bv the City and, subject to a <br />substantive factual basis, *+-�:1� ��ner}t�LiS� makin� of all necessary <br />findings F�� the City, including the "but for" finding on need for <br />public assistance. The City will e�#�-t+M�3��:L7��� is.F� r any necessary <br />or appropriate modifications or refinements to the definition of the <br />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 />Property through negotiation with the cu7-rcnt owners. The �'�; V+►;11 <br />��Redeveioprrfez�t Agreement will set forth the terms and <br />conditions of City assistance with acquisition of any remaining <br />parcels through eminent domain, ��which shall include: <br />The required primaxy 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 estinlate of the total acquisition <br />