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308303v2 SJR MU205-30 <br /> <br />Item No.07E <br />Type of Business: CB <br />Meeting Date: March 26, 2007 <br />City Administrator Review: ______ City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br /> <br />From: Kurt Ulrich, City Clerk-Administrator <br /> Jim Ericson, Community Development Director <br /> Scott J. Riggs, City Attorney <br /> <br />Item Title/Subject: Consideration of Request to Consent to a Sixty (60) Day <br />Extension for Removal of Two (2) Billboards as <br />Required by the Acquisition and Relocation Agreement <br />Between the City of Mounds View, the Mounds View <br />Economic Development Authority, and Clear Channel <br />Outdoor, Inc., fka Eller Media Company and the <br />Amended and Restated Purchase Agreement and <br />Contract for Private Development between the Mounds <br />View EDA, the City of Mounds View and Medtronic, Inc. <br /> <br /> <br />INTRODUCTION/BACKGROUND: <br /> <br /> <br />The City of Mounds View and the Mounds View Economic Development Authority have <br />received requests from Clear Channel Outdoor, Inc. (“Clear Channel”) and Medtronic, <br />Inc. (“Medtronic”) requesting that the City and EDA grant a sixty (60) day extension to <br />the required removal of two billboards by the date of March 31, 2007, as required by the <br />Acquisition and Relocation Agreement (“Agreement”) entered into between the City, <br />EDA and Clear Channel Outdoor, Inc. The written request of Medtronic and Clear <br />Channel are attached for your reference. In addition to the requirements of the <br />Acquisition and Relocation Agreement, similar requirements for removal and relocation <br />of billboards exist in the Amended and Restated Purchase Agreement and Contract for <br />Private Development between the City, EDA and Medtronic. <br /> <br />Clear Channel and Medtronic are making this request for a sixty (60) day extension for <br />the removal of two billboards as required by the Agreement and the Contract to allow <br />Clear Channel and Medtronic to finalize negotiations for a “global settlement” <br />concerning all billboard issues associated with the Agreement and the Contract. <br /> <br />Section 2.02 of the Agreement requires that Clear Channel remove Signs 2 and 3 no <br />later than the date of March 31, 2007. The City and EDA staff have been informed that <br />Medtronic and Clear Channel are negotiating and discussing a “global settlement” which