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EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Roseville, County of Ramsey, Minnesota was duly held on the 23rd day of July 2007 at 6:00 <br />p.m. <br />The following members were present: Pust, Roe, Thlan; Kough; and Klausing <br />and the following were absent: none. <br />Mayor Klausing introduced the following resolution and moved its adoption: <br />RESOLUTION 10520 <br />RESOLUTION ACCEPTING A SETTLEMENT OFFER FROM <br />ROSEVILLE TWIN LAKES LLC <br />WIdEREAS, the City Council has received a settlement offer from Roseville Twin Lakes LLC <br />under the following terms: <br />1) A wire transfer payment from the City to Roseville Twin Lakes LLC in the amount of <br />$827,650 plus interest of $39,285.03 (8.25% prime for 210 days) not later than <br />Wednesday, July 25th <br />2) Mutual global releases for all matters related to the Twin Lakes project. <br />3) The City's agreement to indemnify and hold harmless Roseville Twin Lakes LLC for <br />any and all future third party claims solely related to the Twin Lakes condemnation <br />proceedings and specifically excluding any potential contract claims between Roseville <br />Twin Lakes LLC and any other party. <br />4) A written commitment from the City that any future development applications by <br />Roseville Twin Lakes LLC or either of the members of the limited liability company <br />will be given full and fair consideration. <br />5) Upon execution of a settlement agreement specifying the terms and a dismissal with <br />prejudice of the litigation, payment from Roseville Twin Lakes LLC to the City in the <br />amount of $100,000. <br />6) Roseville Twin Lakes LLC will provide the City with copies of all environmental <br />reports related to the Twin Lakes Redevelopment Area. <br />