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CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION N0.7108 <br />CITY OF MOUNDS VIEW RESOLUTION APPROVING <br />GLOBAL RELEASE AND SETTLEMENT AGREEMENT AND <br />VARIOUS LEASES BETWEEN CITY OF MOUNDS VIEW, <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, <br />CLEAR CHANNEL OUTDOOR, INC. AND MEDTRONIC, INC. <br />BE IT RESOLVED by the City Council ("Council") of the City of Mounds View as <br />follows: <br />Section 1. Recitals. <br />1.01. Clear Channel and the City entered into certain agreements on or about March 26, <br />2001 (collectively, the "Lease Agreements") which allowed Clear Channel to construct and install <br />six (6) outdoor advertising structures including the necessary footings, support structures, power <br />lines and billboard surfaces (each a "Billboard" and collectively, the "Billboards") on real property <br />("Property") located in the City; <br />1.02. On October 24, 2005 the City conveyed the Property to Medtronic pursuant to the <br />terms and conditions of that certain Purchase Agreement and Contract for Private Development <br />dated as of August 31, 2005, by and between the City, the EDA and Medtronic as amended by that <br />certain Amended and Restated Purchase Agreement and Contract for Private Redevelopment dated <br />as of May 4, 2006 (the "Development Agreement"); and <br />1.03. The City, the EDA and Clear Channel entered into that certain Acquisition and <br />Relocation Agreement dated as of August 31, 2005 ("Relocation Agreement"); <br />1.04. The Relocation Agreement required Clear Channel to remove two (2) of the <br />Billboards (specifically, Billboard 4 and Billboard 5) no later than March 31, 2006; and to remove <br />two (2) of the Billboards (specifically, Billboard 2 and Billboard 3) no later than March 31, 2007; <br />and <br />1.05. The Relocation Agreement extended the term of two (2) of the Billboards <br />(specifically, Billboard 1 and Billboard 6) through 2035; and <br />1.06. Clear Channel removed Billboard 4 and Billboard 5 on or about March 31, 2006; <br />and <br />1.07. The City granted Clear Channel an extension to July 23, 2007 under the Relocation <br />Agreement for the removal of Billboard 2 and Billboard 3; and <br />313296v4 SJR MU205-30 <br />1 <br />