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Mounds View EDA June 27, 2005 Regular Meeting Page 8 companies are in the business of making profits for its shareholders but does it with respect for 298 those it interacts with or it is not doing it honestly or with good intentions. He stated that a 299 company that knows a property is worth more than it is offering and asks for financial aid when it 300 has the financial means to do it without is simply taking advantage because of its size. He stated 301 that in the sandbox this is referred to as a bully, someone who uses their strength to bully their 302 way rather than be willing to compromise so that everyone involved is in a win-win situation. He 303 stated that his question to them is whether they are making the right or wrong choice. He stated 304 that Medtronic is the wrong choice because they are doing it with the wrong tool, which they 305 insist on. He thanked the Commission for their time. 306 307 Duane McCarty, 8060 Long Lake Road, referenced Item 7a, stating that he placed inserts in the 308 interest of clarity. He clarified that the preliminary term sheet is the document that was presented 309 to the City by Medtronic. He referenced the development proposal, terms of purchase agreement 310 and contract for private development and asked if this is what they are talking about in terms of 311 the preliminary terms sheet. 312 313 Commissioner Thomas stated that this is not the preliminary terms sheet. She explained that the 314 preliminary term sheet is referring to what was given to the Commission at the end of the 315 December when they began discussing whether they wanted to enter into negotiations with 316 Medtronic. 317 318 Mr. McCarty referenced the concept and asked if this is the development proposal in terms of 319 purchase and contract. Mr. Backman confirmed. 320 321 Mr. McCarty asked if the Commission is being asked to endorse the concept in the resolution. 322 He asked if what they are approving is the first offering from Medtronic. 323 324 Commissioner Gunn clarified that this is not their first offering noting that they have worked 325 very hard throughout this process. 326 327 Mr. McCarty stated that this is not hard work on their part noting that he knows they are more 328 capable of this. He noted that Commissioner Gunn is far more capable noting that this 329 agreement is what the citizens are upset about. 330 331 Mr. McCarty referenced the potential later phases of the project and asked if this means Phase 2 332 and 3. 333 334 Mr. Backman assured Mr. McCarty that the EDA has worked hard on this noting that they have 335 had 8 Executive Sessions to discuss both the development agreement and the Clear Channel 336 negotiations. He stated that they have provided significant input throughout the process. 337 338 President Marty called a recess at 6:50 p.m. due to bad weather conditions. 339