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535039v3 JSB TW185-2 <br />MDA Summary <br /> <br />General <br />• The Master Development Agreement (MDA) is a contract between the Joint <br />Development Authority (JDA), Ramsey County, and Master Developer (Alatus <br />Arden Hills LLC ). <br />o The associated purchase agreements between the County and the Master <br />Developer are contracts to sell the property to the Master Developer in <br />accordance with the terms and conditions contained in the MDA. <br />o The associated Cooperative Agreement is a financing contract between the <br />City of Arden Hills and Ramsey County <br />o The associated Vertical Developer’s Agreements will be required of each <br />developer of vertical improvements at the time of platting and acquisition <br />of property and will require typical development escrows as well as <br />performance goals required under the MDA <br />• The development covered in the MDA must be completed in accordance with the <br />TCAAP Master Plan and the TCAAP Redevelopment Code. (TCAAP has been <br />renamed Rice Creek Commons – RCC.) <br />• County and City goals include job creation, tax base increase, energy resiliency <br />and affordable housing <br />• This summary provides detail on the important specifics of the agreement with the <br />Master Developer for the sale and development of RCC, including major <br />provisions to be included in attachments and associated agreements <br />Article IV – Design, Construction and Implementation of Mass Grading and Public <br />Improvements <br />• $67,860,000 total cost <br />o Overrun Protection is provided by capping Hard Costs at $60.5M <br />o Remedies for bids exceeding that amount including value engineering, site <br />redesign, rebidding or termination of the MDA <br />o Master Developer, County and City are evaluating cost reductions as part <br />of final design of Mass Grading and Public Improvements <br />• Master Developer participates in design and design review of mass grading and <br />infrastructure <br />• County Contribution will total $51M <br />o $10M, bonding for spine road (authorized 2016) <br />o $41M, General Fund cash flow advance <br /> Repaid from future land sale proceeds <br />• City Contribution will total $8.2M (~$5M water tower, $3.2M trunk utilities) <br />• Master Developer Contribution will total $10M <br />o $1.0M at signing of MDA for the County’s costs of the design and <br />engineering of Mass Grading and Public Improvements <br />o $2.0M at contract award to be used for Master Developer soft costs and <br />Mass Grading and Public Improvements