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<br />E. PSD is wiling to assist the City with the developm,ent of Ramsey Town Center as a whole <br />and the Option Property in particular. The City desires the assistance of PSD with <br />respect to SH.eh 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's option." <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 ofthis agreement. <br /> <br />City Attorney Goodrich suggested the following language be added to paragraph 2: By this <br />agreement the City shall not be obligated to pay a fee to P.S.D., LLC. <br /> <br />Motion on the floor was amended as follows: To authorize execution with P.S.D., LLC for <br />development of option properties in Ramsey Town Center, with the stipulation that within 90 <br />days the agreement is outlined with better and more thorough criteria, and with the following <br />changes: <br />RECITALS <br />E. PSD is wilingto assist the City with the development of Ramsey Town Center as a whole <br />and the Option Property in particular. The City desires the assistance of PSD with <br />respect to SH.eh 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's option." <br />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. By this 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 /> <br />Motion carried. V oting Yes: Mayor Gamec, Councilmembers Elvig, Cook, Jeffrey, Olson, <br />Pearson, and Strommen. Voting No: None. <br /> <br />MAYOR, COUNCIL AND STAFF INPUT <br /> <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 /> <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 /> <br />City Council! December 28, 2006 <br />Page 25 of 26 <br /> <br />P37 <br />