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• Hagen Ventures is waiving all claims that they assert they have against the City, including <br />any claim based on the `cloud' of condemnation. <br />• As part of the transaction, the city and Hagen Ventures will enter into a lease agreement. <br />The agreement will allow Hagen Ventures to continue to lease the property to other tenants <br />until June 1, 2011. <br />• The city will have the ability to terminate the lease early with an early termination fee of <br />$8,916.66 for each month prior to June 1, 2011. <br />• The lease would allow them to continue to use the property as a truck terminal, truck <br />maintenance facility and distribution facility. <br />• Hagen Ventures will be responsible for all utilities and taxes and will be required to hold <br />general liability insurance in the amount of $1.5M for each occurrence. <br />POLICY OBJECTIVE <br />� The action being considered will lead to the construction of infrastructure in the Twin Lakes <br />redevelopment area. Twin Lakes has long been indentified in the Roseville Comprehensive Plan <br />as in important redevelopment area for the City. <br />BUDGET IMPLICATIONS <br />� The costs for the acquisition of a portion of 2785 Fairview for the roads and infrastructure will <br />� initially be funded through existing TIF balances. As the Twin Lakes area is redeveloped, <br />� developers/property owners will be required to pay for their appropriate costs of the <br />� infrastructure, including the purchase of right-of-way, as based on the adopted Twin Lakes <br />Infrastructure Study. <br />STAFF RECOMMENDATION <br />Staff recommends entering into the purchase agreement with Hagen Ventures LLC to purchase a <br />portion of 2785 Fairview Ave. for road and infrastructure purposes within Twin Lakes. <br />REQUESTED COUNCIL ACTION <br />MoTioN to enter into a purchase agreement with Hagen Ventures LLC to purchase a portion of <br />2785 Fairview Ave. for road and infrastructure purposes within Twin Lakes. <br />Prepared by: Patrick Trudgeon, Community Development Director (651) 792-7071 <br />Attachments: A: Aerial of 2785 Fairview Ave. <br />B: Summary of Appraisal; 2785 Fairview Ave. <br />C: Purchase Agreement <br />Page 2 of 2 <br />