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RESOLUTION 7844 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA APPROVING THE THIRD AMENDED AND RESTATED LEASE AGREEMENT BETWEEN THE CITY OF MOUNDS VIEW, MEDTRONIC AND CLEAR CHANNEL WHEREAS, the City Originally entered into a lease agreement with Eller Media Company(later to be acquired by Clear Channel Outdoor) on March 26, 2001, to allow for the construction of a billboard on land the City had operated as a municipal golf course; and, WHEREAS, after conveying the golf course property to Medtronic, the billboard lease agreement was amended (the first amendment) on October 24, 2005 to reflect the change in ownership; and, WHEREAS, the lease was again amended (the second amendment)on December 28, 2007, in consideration of a global release and settlement of all billboard related claims on the property; and WHEREAS, Clear Channel endeavors to convert the billboard to dynamic display which necessitates an amendment to the lease agreement. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View, that the lease agreement between Medtronic, Clear Channel and the City shall be amended as follows: 1. Clause 8, regarding illumination, is amended to indicate that Clear Channel will reimburse the City for its cost in acquiring a luminance meter. 2. Clause 10,which outlines the rent assigned to the City of Mounds View, shall be replaced with language that reflects new payment provisions, such that the rent increases to$50,000 for one LED face or$60,000 if both faces are converted to LED; and in addition, the clause is amended to reflect the quantity of public service messages provided to the City, amounting to 2,250 eight-second spots. 3. A new Clause 32 is added which indicates that Clear Channel will reimburse the City for its legal fees associated with the review and preparation of the amended and restated lease agreement. 4. Throughout the document, references to the SECOND amended lease shall be revised to reflect THIRD amended lease, with the exception of the appropriate recital language.