The Winter Carnival Medallion was found

[naomikritzer]

...early this morning (like, 5:30 a.m.?) in Tony Schmidt Regional Park. We weren't even hunting in the correct CITY.

Here's the explanation of the clues from the clue writers: http://www.twincities.com/treasurehunt/ci_19867444

And an article about the hunter who found it:
http://www.twincities.com/ci_19867048