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<br />Joint Development Authority <br /> TCAAP Redevelopment Project <br /> <br /> <br /> <br /> <br />DATE: March 7, 2015 <br /> <br />TO: Joint Development Authority Board of Commissioners <br /> <br />FROM: Heather Worthington, JDA Administrative Director <br /> <br />SUBJECT: <br /> <br />Budgeted Amount: Actual Amount: Funding Source: <br />n/a n/a n/a <br /> <br />Requested Action <br /> <br />Approve the 2016-18 Three Year Joint Development Authority Budget. <br /> <br />Background <br /> <br />The attached budget spans 2016 to 2018. During this period, it is expected that the JDA will negotiate a <br />development agreement with a Master Developer, which may require changes to this budget over that <br />three year period. At this time, this is an estimate of ongoing costs related to professional services <br />contracts for Legal and Public Finance, as well as any meeting expenses, insurance and conference <br />expenses. Finally, a small contingency amount is included to cover any unforeseen costs. <br /> <br />The attached Request for Board Action item entitled “Rice Creek Commons Annual Financial Report and <br />Combined Project Budget” was submitted on March 1 to the County Board in adherence to the JPA <br />between Ramsey County and Arden Hills. This document is included for background purposes, and <br />shows the project costs related to the clean up of the former TCAAP site. This information includes the <br />JDA budget, but the JDA is not being asked to approve this document. At this point, prior to land sales <br />and any potential grant monies, the JDA’s operations are funded through the TCAAP Project Account <br />established by the County Board in 2012. Balance is $350K. Staff anticipates that land sale and fee <br />revenue will support future JDA budgets. <br /> <br />Per the Joint Powers Agreement, Ramsey County provides financial services to the JDA. Per the JPA, the <br />Joint Development Authority must submit this budget to the City and County upon approval. <br /> <br /> <br /> <br /> <br />AGENDA ITEM 10 <br /> <br /> <br />MEMORANDUM <br />