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