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City Council Regular Meeting — 06/20/05 DRAFT Minutes - Page 34 Councilmember Ihlan further expressed strong opposition to a majority af the City Council proceeding with entering into �his agreement without giving consideratian �o full protection of the City's interests, which she opined were nat being protected. Councilmeinber Ih1an, City consuliants and Deveioper consultants reviewed several areas of conc�rn reIated to property acquisition; nego�iated changes to the original Concept Plan for mixed uses; and projected arate of re�urn for the develaper and request�d sub�idy. Mr. Stirakota clarifed ariginal prajeciions for anticipated rate of return, as parepared by his affice, noting that for tonight's discussion, 9.15% was an apprapariate estimate. Mr. Strakota discussed the canservative nature of the estimates pravided, while striving �o achieve an improved budget to ensure the project works. Further discussion included identification of the "big box" retailer; environmental remediation ta-date and work plan status; impo�-tance o�the hausing component af the projeci; iermination provisions for the City; potential �or additianal future litigation and risk a,ssessment, City Attorney Scoit Andersan, ai Mayor Klaus�ng's request, pravided opinion as to pravisior�s of a termination agreement clause. Mr. Anderson noted that he had firs� thought that provision should be included, but after further consideration and refl�ction, determined that the City would be better pratected without such a clause. Councilmember Ihlan again saught to delay further consideration of the projeci until another time, given the late hour. Mayor Klausing acknowledged Councilmember Ihlan's position, and opined thai the City Cauncil's rale was to look to ihe expert advice given by consultants and staff, and to look to the Council's �-ole in a broader sense, not to