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2. The terms and conditions governing the participation of PSD in the development of the • <br />Option Property shall be agreed to between the City and PSD in conjunction with the <br />development of a site plan describing that development. B this his agreement the City shall <br />not be obligated to pay a fee to P.S.D., LLC. <br />4. This agreement may be cancelled at the option of either party upon a prior written receipt <br />of notice of 30 days by either party. Upon said written notice neither party shall have any <br />legal obligation to the other as a result of this agreement. <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Elvig, Cook, Jeffrey, Olson, <br />Pearson, and Strommen. Voting No: None. <br />MAYOR, COUNCIL AND STAFF INPUT <br />Mayor Gamec announced the following: <br />• A recognition party will be held for City Administrator Norman on January 10, 2007 at <br />Wells Catering from 5 — 8 p.m. <br />• The City Holiday Party will be held on January 12, 2007 <br />Councilmember Elvig wished City Administrator Norman good luck. He stated questions have <br />come up regarding Ramsey Town Center. Mr. Nedegaard and his wife have passed away, but <br />Ramsey Town Center is a private entity; the City is not going bankrupt as has been rumored. He <br />requested a work session topic to draft language for the Ramsey Resident to communicate that <br />the City is in good shape and is protected on issues related to Ramsey Town Center, to correct • <br />the rumors, and to be more .proactive about the community as a whole. <br />ADJOURNMENT <br />Motion by Councilmember Cook, seconded by Councilmember Pearson, to adjourn the meeting. <br />Motion carried. <br />The regular meeting of the City Council adjourned at 7:16 p.m. <br />Respectfully submitted, <br />James E. Norman <br />City. Administrator <br />ATTEST: <br />Jo Ann M. Thieling <br />City Council / December 28, 2006 <br />Page 26 of 27 <br />• <br />—134— <br />