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<br />RECITALS <br />E. PSD is willing to assist the City with the development of Ramsey Town Center as a <br />whole and the Option Property in particular. The City desires the assistance of PSD with <br />respect to ffii6h the development of the option properties. <br />AGREEMENT <br />1. ".. . for uses consisting of some or all of a hotel, health club/fitness center, cinemas, retail <br />stores, apartments, condominiums, community center or any other use approved by the <br />City and as permitted by the City options." <br />4. This agreement may be cancelled at the option of either party upon a prior written receipt <br />of notice of30 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 /> <br />Mayor Gamec asked if this agreement would set up a working relationship with P.S.D., LLC in <br />regards to City property. <br /> <br />City Attorney Goodrich replied it would be his assumption that P.S.D., LLC would fmd a <br />developer on behalf of the City to develop that property and would be paid a fee. The agreement <br />is fairly loose, which is why he suggested a 30 day termination clause be included. P.S.D., LLC <br />would be granted the exclusive opportunity with the option properties. <br /> <br />Councilmember Elvig indicated he tends to agree with the need for an exclusive agreement on <br />these properties. Mr. Deal has put a fair amount of money into this area, and does not need to <br />fInd out he is in competition with the people he has been sharing ideas with. He suggested rather <br />than language stating P.S.D., LLC would be paid a fee that the agreement state "the City may <br />pay a fee or not'. He noted there should likely be a timeframe for the agreement, but the <br />cancellation clause may supersede this. He inquired whether there should be language included <br />with the cancellation clause that ties in with the criteria of what will be built. He noted the <br />agreement is a little short in some areas, but that does not mean he is not willing to move <br />forward. Mr. Deal has a very vested interest and would likely do a great job. <br /> <br />City Attorney Goodrich noted with regards to the cancellation clause, Mr. Deal could express <br />concern regarding the City's ability to cancel the agreement suddenly after he has been working <br />on a project for months. <br /> <br />Councilmember Elvig suggested the agreement be approved with criteria outlined as this moves <br />forward. <br /> <br />Councilmember Strommen stated she is 100% in favor of the agreement, but there are details to <br />work out. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Cook, to authorize execution <br />with P.S.D., LLC for development of option properties in Ramsey Town Center with the <br />stipulation that within 90 days the agreement is outlined with better and more thorough criteria, <br />and with the following changes: <br />RECITALS <br /> <br />City Council! December 28, 2006 <br />Page 24 of 26 <br /> <br />P36 <br />