09-04-18 JDA Agenda Packet - Laserfiche WebLink

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535039v3 JSB TW185-2 o Remaining balance at pre-construction meeting with the selected Mass Grading and Public Improvements contractor o $2,640,000 of the $10,000,000 can be used by County for the County’s costs of the Mass Grading and Public Improvements, including design and engineering o The remaining $7,360,000 can be used by the Master Developer with County/JDA review to pay soft cost expenditures (including previously incurred costs) and to pay the Master Developer’s internal enterprise fee • Ramsey County, the Master Developer and Xcel Energy executed a Memorandum of Understanding (MOU) on August 22, 2018. Ramsey County, the Master Developer and Xcel are cooperating in the creation of a Master Development Energy Integration Plan that promotes energy resource conversation and drives advanced energy systems and energy resiliency goals for Rice Creek Commons. The Master Development Energy Integration Plan will identify on- and off-site energy improvements made by Ramsey County, the Master Developer and Xcel Energy, individually or cooperatively, that advance energy resiliency goals for Rice Creek Commons • Improvements necessary for the implementation of the TGRS Geothermal system and other elements of the Master Development Energy Integration Plan are not currently part of the Mass Grading and Public Improvements budget. As the Master Development Energy Integration Plan is finalized, Ramsey County and the Master Developer will work collaboratively to include energy improvements in Mass Grading and Public Improvements budget • Master Developer and vertical developers are responsible for financing and constructing neighborhood public improvements required under the TCAAP Master Plan and the TCAAP Redevelopment Code Article III Status of Development Property; Existing Encumbrances and Conditions; Conditions to Conveyance (Deal points for which Master Developer is responsible) • Master Developer will acquire the Property in 5 phases for a minimum purchase price (Strike Price) of approximately $62.7M o For re-sales up to the Strike Price, the County will retain 68% (~$42.6M) of the net sale proceeds. o 32% (~20.0M) of the net sale proceeds will be retained in escrow and paid to Master Developer, as part of their developer fee based on performance o As an incentive to Master Developer to sell the property for more than the Strike Price, the amount exceeding the Strike Price will be shared - 60% is paid to County, while 40% will be retained in escrow to be paid to the developer based on performance • Master Developer or a vertical developer must obtain a building permit within 9 months of land purchase and must begin vertical construction within 11 months of land purchase • Quick Overview of the 5 Phases