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<br /> <br />Page 1 of 2 <br /> <br />Joint Development Authority <br /> TCAAP Redevelopment Project <br /> <br />DATE: May 12, 2017 <br /> <br />TO: Joint Development Authority Board of Commissioners <br /> <br />FROM: Josh Olson, JDA Administrative Director <br /> <br />SUBJECT: 2017-18 Joint Development Authority Budget <br /> <br />Budgeted Amount: Actual Amount: Funding Source: <br />n/a n/a n/a <br /> <br />Requested Action <br /> <br />Approve the 2017-18 Joint Development Authority Budget. <br /> <br />Background <br /> <br />The attached budget spans 2017 and 2018. During this period, the JDA will negotiate a development <br />agreement with a Master Developer, which may require changes to this budget over that two-year <br />period. At this time, this is an estimate of ongoing costs related to professional services contracts for <br />Legal and Public Finance, as well as any meeting expenses, insurance and conference expenses. Finally, a <br />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 to the County Board in adherence to the JPA between Ramsey <br />County and Arden Hills. This document is included for background purposes, and shows the project <br />costs related to the clean up of the former TCAAP site. This information includes the JDA budget, but <br />the JDA is not being asked to approve this document. At this point, prior to land sales and any potential <br />grant monies, the JDA’s operations are funded through the TCAAP Project Account established by the <br />County Board in 2012. Balance is $268K. Staff anticipates that land sale and fee revenue will support <br />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 /> <br /> <br /> <br /> <br />AGENDA ITEM 8A <br /> <br />MEMORANDUM