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Regular City Council Meeting — 03/29/04 DRAFT Minutes - Page 19 in a project of this magnitude. Mayor Klausing supported Councilmember Ihlan's previous recommendation to include contract language providing a parallel termination requirement to better protect the City and identify the costs to be borne by each party at termination. Councilmember Ihlan addressed her interpretation of the City's perspective on parallel termination language. Councilmember Maschka requested a legal opinion from Mr. Casserly. Mr. Casserly responded with past practical project experience on how the contract could be voided; noting the advantage of the contract in freezing all players during the length of the contract to determine the project's feasibility. Mr. Casserly opined that it should become apparent to the developer and/or staff if the project looks feasible or should be abandoned, once the analysis becomes more fine-tuned. Further discussion ensued regarding good faith contract termination rights; enforcement mechanism; and costs and/or damages incurred and the ownership of those costs. Mr. Casserly advised Councilmembers that it was the intent of the crafters of the contract to keep it as simple as possible; noting it was simply a framework to initiate discussions, and not intended to represent any more than that. City Manager Beets recommended changing one word of the contract, possibly alleviating concerns of Councilmembers to balance termination rights and meeting the expectations of the developer. Mr. Beets noted the language revision in the contract on page 5, third bullet point, amending the language to read: "In coordination with the City, prepare a preliminary financial feasibility analysis identifying costs and sources of revenue, including tax increment and other potential sources of public assistance, to