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A consensus on acceptable terms for the transfer of Delano's share has been accepted by the six <br />participants, Delano, and CMMPA. A transfer agreement based on these terms has been drafted and is <br />currently being circulated for legal counsels' and governing bodies' approval. This transfer agreement is <br />attached for review. This agreement has already been review by ERMU's and the City of Elk River's legal <br />counsel and already reflects the recommended changes. This agreement in not yet final as all <br />participating parties have not submitted their comments. It is believed to be substantially complete. One <br />item to note is the termination date specified in Sections 501 (a) and (b) of the agreement is subject to <br />change to sometime in 2012 due to a delay in a MISO ruling being deferred to Dec 2011. <br />FINANCIAL IMPACT <br />There is no additional financial impact beyond what had been approved in March 2011 when the <br />Commission and Council both adopted resolutions authorizing the Utilities participating in the Brookings <br />Project through CMMPA for an amount not to exceed $7,140,953 without further action. <br />ATTACHMENTS <br />^ Delano CAPX2020 Project Share Transfer Agreement dated June 21, 2011 <br />Action Motion by Second by Vote <br />Follow Up <br />