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Ci�y Cnuneil Regular Meeting — 06/20/05 <br />DRAFT Minutes - Pa�e 28 <br />Nays: Kough and Ih1an. <br />6.b �4.1] Consider a Proposed Contract for Private <br />Red�velopment by and between the City of Roseviile <br />and Roseville 'I�vin Lakes, LLC, for Redeveiapment of <br />Twin Lakes, Phase I <br />Councilmember Ihlan sugges�ed that, given the signif cant <br />new provisions to b� considered in the proposed <br />Develapment Contract, arecessing and reconvening the <br />meeting an ano�her day may be appropriate. <br />Mayor Klausing suggest�d Councilmembers make their <br />closing arguanents shorter to preserve time; and if <br />necessary the entire Council could determine if they wish�d <br />to proceed at this or another time. <br />j4.1] <br />Gay Reiter, Krass Monroe <br />Ms. R�it�r reviewed the pz-ovisions of the June 1 S, 2405, <br />version 6 Draft of the Contract for Private Rede�elopment <br />by and between the City of Roseville, MN and Rose�ille <br />Twin Lakes, LLC. Ms. Reiier reviewed those items <br />representing significan� revisions and negotiations since <br />pre�iou� term sheet discussions. Couneilmembers <br />addressed their questions �o each �pecific area as <br />applicable. <br />Items discussed included specific timetables set for�h as <br />benchmarks for the redeveloper to have control of different <br />parcels; Eminent Domain obligations; previous Council <br />concerns regarding piecemeal developm�nt; primary inteni <br />and costs of development related to envi�-onmental <br />contamination and property acquisitions costs; annual <br />certificatian of eligi6le TIF costs to the City by the <br />developer; anticipated return developer is allowed to <br />receive and a cap an assistance as per farmula, with the <br />redeveloper allowed to make up to 12.5%, at which time <br />the City shares in any excess profit to provide an incentive <br />to the develaper; and land price determination. <br />Considerable discussion �nsued related �o Section 4.S,a, 2, <br />Resolution 10317 <br />Prapnsed Cantract <br />for Private <br />Redevelapment by <br />City of Roseville & <br />Roseville Twin <br />Lakes LLC, for <br />redevelopment of <br />Twin Lakes <br />Phase I <br />