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FALCON HEIGHTS CITY COUNCIL MINUTES -4- October 8, 2003 Release of Development Agreement on One Lot of the Bullseye Redevelopment (continued) Lindstrom moved approval of the release of one lot in the Bullseye redevelopment from the development agreement between the City of Falcon Heights and Bullseye Golf Centers, Inc., that was filed with the Ramsey County Registrar of Titles Office on November 15, 1984, as Document No. 768258, and refiled with the Ramsey County Registrar of Titles Office on December 11, 1984, as Document No. 769752. The motion was unanimously approved. Amendment to Assessment Agreement Administrator Worthington said the City has an assessment agreement in force on the Bullseye Redevelopment dating from the early 1980's. Because of the land-swap, this agreement needs to be amended to eliminate the parcel referenced earlier in this meeting. In response to a question from Council member Kuettel, Attorney Foli said the proposed document has been circulating for several months. The authorizing signatures on behalf of the City will have • today's date. All parties have agreed to the document and the County will be signing the document last. Kuettel moved approval of the amendment to the assessment agreement dated September 19, 1984 filed with the Ramsey County Registrar of Titles on November 15, 1984, as Document No. 7668257, and refiled on December 11, 1984, as Document No. 7669751, to modify the legal description attached thereto to include the New Parcel, rather than the Release Parcel. The motion was unanimously approved. Approval of Stipulation Settlement with Pizza Hut Administrator Worthington said that late today, the attorneys representing Pizza Hut, Sherman Associates, and the City's law firm, Campbell Knutson, completed the stipulation settlement for Pizza Hut. Sherman Associates, Inc., and Sky Ventures, LLC (dba Pizza Hut) have signed a letter of understanding outlining the conditions in the settlement agreement. Pizza Hut has agreed to relocate to the new multi-family building to be built on the corner of Snelling and Larpenteur Avenues as part of the Town Square redevelopment. The City must approve this agreement before the parties can sign it and complete the deal. Attorney Foli explained that there are four parties involved with this: The City, JEMJAHS No. 3 Partnership, Falcon Heights Town Center Limited Partnership, and Sky Ventures, LLC, owner of the Pizza Hut franchise. The City is party to this because Pizza Hut is willing to release the City and this takes care of all of the outstanding issues with Pizza Hut. • 108339