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<br /> <br />Page 1 of 2 <br /> <br />Joint Development Authority <br /> TCAAP Redevelopment Project <br /> <br />DATE: March 29, 2018 <br /> <br />TO: Joint Development Authority Board of Commissioners <br /> <br />FROM: Josh Olson, JDA Administrative Director <br /> <br />SUBJECT: 2018 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 2018 Joint Development Authority Budget. <br /> <br />Background <br /> <br />In May 2017, the Joint Development authority approved a budget spanning 2017 and 2018. Over this <br />period, the JDA has negotiated a development agreement with a Master Developer, which may require <br />changes to this budget over that two-year period. At this time, this is an estimate of ongoing costs <br />related to professional services contracts for Legal and Public Finance, as well as any meeting expenses, <br />insurance and conference expenses. Finally, a small contingency amount is included to cover any <br />unforeseen costs. <br />The attached Request for Board Action item entitled “Rice Creek Commons Annual Financial Report and <br />Combined Project Budget” was submitted to and approved by the County Board on March 27, 2018 in <br />adherence to the JPA between Ramsey County and Arden Hills. This document is included for <br />background purposes, and shows the project costs related to the clean up of the former TCAAP site. <br />This information includes the JDA budget, but the JDA is not being asked to approve this document. At <br />this point, prior to land sales and any potential grant monies, the JDA’s operations are funded through <br />the TCAAP Project Account established by the County Board in 2012. In this attached board action, <br />Ramsey County also transferred $256,565 from the County’s Capital Projects Fund Balance to the 2018 <br />Rice Creek Commons Pre-Development Account for JDA-related consulting services. Staff anticipates <br />that land sale and/or fee revenue will support future JDA budgets. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />AGENDA ITEM 8B <br /> <br />MEMORANDUM