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<br />Mr. Bray gave a brief overview of the Town Center situation with MinnWest Banle He stated <br />that in early August, the.City Council authorized him to propose a settlement to MinnWest Bank. <br />He stated that MinnWest Bank responded to this proposal on September 28,2007. He stated that <br />their counter proposal varied a bit from our original proposal. He reviewed the proposal and <br />noted that one item that they are asking for is to be released from the development agreement so <br />they have clear title to the property. He stated that they do not want to become a Master <br />Developer if they sell this parcel of land. He stated that both sides have agreed to a defined term <br />for a stay on litigation, which is basically a stand-still agreement. He stated that if the City <br />would release them from the terms of the development agreement, it would remove an <br />impediment for them to sell this property to ACCAP. <br /> <br />Mayor Gamec asked if the City could collect or ask for escrow of park fees. He stated that he <br />would like to make sure the City gets what it has coming in fees. <br /> <br />Public Works Director Olson stated that this would all be covered in the development agreement. <br />He reiterated that MinnWest does not want to be treated as a Master Developer if they sell this <br />land. <br /> <br />Councilmember Jeffrey asked what the risk would be for the City and whether this would set a <br />precedent that may hurt us in the future. <br /> <br />Mr. Bray stated that it would not set any legal precedent, but would indicate that for the right <br />project, the City is willing to make that exception. <br /> <br />Mayor Gamec noted that Minn West had the opportunity to sell individual parcels, but chose not <br />to because they wanted to sell the entire parcel. <br /> <br />City Administrator Ulrich reminded the City Council that detailed discussion should happen at <br />the closed meeting scheduled for next week. He suggested that the counter proposal go through <br />the Subcommittee for detailed discussion before the closed meeting. <br /> <br />Mayor Gamec stated that the City Administrator's welcome party is scheduled prior to next <br />weeks City Council meeting and suggested that the closed meeting should be scheduled for a <br />different day and time. <br /> <br />City Attorney Goodrich recommended the closed meeting be scheduled for Monday, October <br />22nd at 7:00 p.m. <br /> <br />City Administrator Ulrich stated that he would contact the Councilmembers that are absent and <br />see if this time will work for a closed meeting and let the rest of the City Council know. He <br />stated that he had also put together some talking points regarding communicating about the <br />Ramsey Town Center. He stated as this progresses he feels the City will be contacted by the <br />press and wants to make sure that the City staff and City Council are all sending the same <br />message. He stated that the key points he sees are that: the City recognizes that the Ramsey <br />Town Center plan must change in order to adjust to the current market realities; that the City will <br />work with the end developer to reach an agreement on a plan; and that the City will make every <br /> <br />City Council Work Session / October 16, 2007 <br />Page 7 of8 <br />