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308303v2 SJR MU205-30 <br /> <br />Item No.07A <br />Type of Business: EDA <br />Meeting Date: March 26, 2007 <br />City Administrator Review: ______ <br />City of Mounds View Staff Report <br />To: Honorable Economic Development Authority <br /> <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: EDA Resolution 07-EDA-231 Consideration of Request <br />to Consent to a Sixty (60) Day Extension for Removal of <br />Two (2) Billboards as Required by the Acquisition and <br />Relocation Agreement Between the City of Mounds <br />View, the Mounds View Economic Development <br />Authority, and Clear Channel Outdoor, Inc., fka Eller <br />Media Company and the Amended and Restated <br />Purchase Agreement and Contract for Private <br />Development between the Mounds View EDA, the City of <br />Mounds View and Medtronic, Inc. <br /> <br /> <br />INTRODUCTION/BACKGROUND: <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