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ARDEN HILLS CITY COUNCIL — June 1, 2011 2.A. TCAAP /Stadium Update (continued) Mayor Grant stated a March 21, 2011, letter from the City Administrator to the Ramsey County Manager outlined the City's principal concerns with a stadium development. On May 10, 2011, Ramsey County and the Minnesota Vikings announced that they had come to an agreement to jointly pursue the development of a new multi - purpose stadium on the TCAAP site in Arden Hills. Ramsey County and the Vikings released their "Principles of Agreement for the Development of a New Multi - Purpose Stadium" which essentially is a term sheet outlining the components of future legal documents to be executed by the County and the Vikings. The Agreement addresses several of the City's issues identified in the March 21, 2011, letter, but does not wholly alleviate the City's concerns. As this project may move forward at a rapid pace in June, with a special session being anticipated before the end of the month, Staff recommends that the City ascertain which concerns have not yet been addressed and work with Ramsey County to ensure that those concerns are addressed in the final legal documents. He reviewed the City's seven principal concerns and a description of whether and how these concerns are addressed in the Agreement. City Administrator Patrick Klaers stated the bill language that was previously introduced to the legislature regarding a possible stadium in Ramsey County would be redone. The County is currently working on this and the language would include the terms that were brought forward in the May 10, 2011, Agreement. The Agreement is between the County and the Vikings and the City is not part of this Agreement but the City would like to have their concerns included and addressed in the Agreement. Councilmember Holmes stated the City needed to spend more time in developing new terms and language for the development of the private land that would be included in the Agreement. The term sheet does not say if this land must be retained and developed by the Vikings or if this land can be sold to another party for development. Mayor Grant stated at this time the Agreement is between the County and the Vikings and the Agreement presented at this time is brief. It does not include all of the details that the final document will contain. This is the first of many agreements to come if this proposal moves forward. A.A. Additional TCAAP Presentation Councilmember Holden clarified the TCAAP property does not border Shoreview. She explained the area that is up for public auction is the area that already has buildings and roads not the property that is currently considered AHATS. The development that had been proposed by Ryan Companies was not what would be considered a typical Arden Hills development with large open green spaces. This development included large amounts of commercial space that included parking lots. The development that had been proposed by Ryan Companies was to take place over a 10 -15 year period. Ryan Companies had determined that the development was not economically feasible and withdrew from the project. The City has looked at several options for this property and at this time the stadium proposal includes having the surrounding land developed within 8 years. The infrastructure for the Ryan plan would have needed to be constructed by the City and this was costly. The Ryan development proposal would have required public financing and by the