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Mounds View EDA June 27, 2005 <br />Regular Meeting Page 8 <br /> <br />companies are in the business of making profits for its shareholders but does it with respect for <br />those it interacts with or it is not doing it honestly or with good intentions. He stated that a <br />company that knows a property is worth more than it is offering and asks for financial aid when it <br />has the financial means to do it without is simply taking advantage because of its size. He stated <br />that in the sandbox this is referred to as a bully, someone who uses their strength to bully their <br />way rather than be willing to compromise so that everyone involved is in a win-win situation. He <br />stated that his question to them is whether they are making the right or wrong choice. He stated <br />that Medtronic is the wrong choice because they are doing it with the wrong tool, which they <br />insist on. He thanked the Commission for their time. <br /> <br />Duane McCarty, 8060 Long Lake Road, referenced Item 7a, stating that he placed inserts in the <br />interest of clarity. He clarified that the preliminary term sheet is the document that was presented <br />to the City by Medtronic. He referenced the development proposal, terms of purchase agreement <br />and contract for private development and asked if this is what they are talking about in terms of <br />the preliminary terms sheet. <br /> <br />Commissioner Thomas stated that this is not the preliminary terms sheet. She explained that the <br />preliminary term sheet is referring to what was given to the Commission at the end of the <br />December when they began discussing whether they wanted to enter into negotiations with <br />Medtronic. <br /> <br />Mr. McCarty referenced the concept and asked if this is the development proposal in terms of <br />purchase and contract. Mr. Backman confirmed. <br /> <br />Mr. McCarty asked if the Commission is being asked to endorse the concept in the resolution. <br />He asked if what they are approving is the first offering from Medtronic. <br /> <br />Commissioner Gunn clarified that this is not their first offering noting that they have worked <br />very hard throughout this process. <br /> <br />Mr. McCarty stated that this is not hard work on their part noting that he knows they are more <br />capable of this. He noted that Commissioner Gunn is far more capable noting that this <br />agreement is what the citizens are upset about. <br /> <br />Mr. McCarty referenced the potential later phases of the project and asked if this means Phase 2 <br />and 3. <br /> <br />Mr. Backman assured Mr. McCarty that the EDA has worked hard on this noting that they have <br />had 8 Executive Sessions to discuss both the development agreement and the Clear Channel <br />negotiations. He stated that they have provided significant input throughout the process. <br /> <br />President Marty called a recess at 6:50 p.m. due to bad weather conditions.