Twin Lakes Redevelopment Project Term Sheet
The City and Redeveloper have progressed to the point where they are preparing what is known as a "Term Sheet." This document is supposed to detail the specific obligations of both parties. While this is one of the last steps before formal project approval, it does not mean that the project has been approved.
According to the document itself, the "Term Sheet outlines the terms under which the parties are willing to enter into a Redevelopment Agreement, but does not constitute an offer or acceptance on either party's part. All rights and obligations with respect to the redevelopment property will only be as provided for in a Redevelopment Agreement approved by the City Council."
The Redevelopment Agreement, which is the formal contract between the City and Redeveloper, will be written to incorporate the items in the Term Sheet plus any other concerns from both parties.
The City and the Redeveloper could still identify irreconcilable differences that would result in the project's cancellation. The Roseville Citizens League (RCL) believes it is important for citizens to understand what the Redeveloper is requiring of the City, and what the City is requiring of the Redeveloper. For this reason we have posted the latest draft of the 13 page Term Sheet here (386 KB pdf file) on our website (use your browser's "Back" button to return to this page).
Citizens should have the opportunity to decide if the term sheet properly protects their interests. This is a very complex project that will have a dramatic effect on Roseville for years to come. It has generated very strong feelings and left a portion of the community quite upset. It seems reasonable to assume that in a city of 33,000 there may be ideas not yet explored that could make this project more acceptable to the entire community. For these reasons, RCL is requesting that citizens review the Term Sheet and e-mail termsheet@rosevillecl.org with their answer to the following question: What do you think the city should require of the Redeveloper if this project proceeds? Since these suggestions will only be followed if the decision is made to proceed with the project, we are looking for constructive suggestions, innovative ideas, or compromises that would make the project better and alleviate the objections voiced regarding it. These suggestions will be forwarded to the Roseville City Council and posted on this website in hopes that each idea might suggest others and eventually lead to an outcome that everyone can least live with.
We will forward all e-mailed recommendations unedited to the City Council, however, we reserve the right to edit all recommendations for length and content before posting on this website. E-mails must contain your name and address for verification, however, your street address and e-mail address will not be posted on the website. To see the recommendations received to date click on the link below: