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Mounds View EDA June 25, 2007 Regular Meeting Page 2 7. EDA BUSINESS 39 40 A. Resolution 07-EDA-233, Adopting Global Release and Settlement Agreement 41 Including Approval of Various Releases 42 43 City Administrator Ulrich explained that this would resolve the issue with the billboards on the 44 Medtronic property. The City retains lease rights to the signs on the Medtronic property. He 45 then reviewed the agreement with the Council. 46 47 City Attorney Riggs explained that he received a call two hours before this meeting and was 48 working on it again with the Medtronic attorney and Staff. The issue was the road or a potential 49 access issue to the sign that will be on the Sysco site. Clear Channel believes that the relocation 50 agreement obligates the City to provide access and they think that will be to provide and build a 51 road. The City’s position is that there is access and Clear Channel must build the road. 52 53 City Attorney Riggs said that the Agreement is in good shape other than this issue but, any 54 adoption or moving forward would be subject to final language regarding the access. 55 56 Commissioner Mueller asked whether the City is giving up authority on the decision of the 57 electronic signs. 58 59 City Attorney Riggs indicated that the language in the lease has been shifted from the City to 60 Medtronic and, Medtronic does not want these signs and the City’s Ordinance would not allow 61 electronic signs and this does not put the City at risk. 62 63 President Marty noted that Medtronic is entitled to a credit of $54,000 toward buyout so they are 64 making over $100,000 per year on a billboard and this contract, the City was getting about 65 $250,000 per year and now is down to $15,000 per billboard so Clear Channel can build their 66 own road. HE then noted that the City would have been getting $300,000 by this time under the 67 previous agreement. 68 69 President Marty noted that on Page 2, Item 6, content regulation he talked to Mr. Ulrich about 70 this and it originally stated alcohol and tobacco could not be advertised in the City. 71 72 City Attorney Riggs indicated that this is the original language from the original lease and that 73 has been the intent to maintain the original restrictions from 2001. 74 75 Executive Director Ulrich suggested referencing Exhibit B to clarify this for future reference. 76 77 Commissioner Flaherty said that he believes legal staff but would like to see it spelled out and he 78 would like to see the final agreement with the exhibits before he votes on this. 79