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ARDEN HILLS CITY COUNCIL—MAY 9, 2022 6 <br /> printed. He noted this development was extremely large and the City has been working since <br /> August of 2021 on the Terms Sheet with Alatus. He reported the City and the developer have <br /> come to an agreement on a Terms Sheet. He then reviewed the main points within the Terms <br /> Sheet and provided a definition for an evergreen fund. He explained TCAAP would have 326 <br /> affordable units. The district parking solution was discussed and it was noted TIF would be used <br /> to assist with the expense. He then invited Bob Lux with Alatus to speak to the Council. <br /> Bob Lux, President and CEO of Alatus, commented on the process that had been followed to <br /> select Alatus as the master developer for TCAAP back in 2016. He stated he was disappointed <br /> when this project came to a screeching halt, but commented on how the project has improved in <br /> the past three years. He indicated he looked forward to working on this project with the City of <br /> Arden Hills. He discussed the affordable housing that would be constructed within this project <br /> and commended the City for doing this in a thoughtful and responsible manner. He believed the <br /> project was sound and only minor modifications would be required. It was his hope that the <br /> County would approve the plans and ground breaking would occur yet this year. He complimented <br /> the City again for all of their assistance during the negotiations of the Terms Sheet and noted the <br /> Council had been very fiscally responsible on behalf of their citizens. <br /> Mayor Grant stated he was looking forward to the County reviewing and approving this Terms <br /> Sheet in order to move this project forward. He thanked Councilmember Holden for her assistance <br /> on this project over the years. He was of the opinion the proposed Terms Sheet was very balanced <br /> and should move forward. <br /> MOTION: Councilmember Holden moved and Mayor Grant seconded a motion to <br /> approve the Terms Sheet for Rice Creek Commons. <br /> Councilmember Holden discussed the history of this project. She appreciated how the Terms <br /> Sheet addressed the financials for this project. She thanked the developer for taking on the risk in <br /> order to move this project forward. <br /> Councilmember Radziej stated he appreciated all of the Council's efforts on the Terms Sheet. <br /> Mayor Grant explained the County sent a letter to the City, encouraging the City to meet with <br /> Alatus in order to draft a Terms Sheet and agreement. He believed the City had come up with a <br /> great solution that will work for all parties involved. <br /> Councilmember Holmes thanked Bob Lux for being in attendance and for working with the City <br /> over the past eight months on the Terms Sheet. She believed the Terms Sheet was a significant <br /> step forward in the path to developing Rice Creek Commons. She explained the City Council <br /> continues to put the interests of the Arden Hills residents first. She reported the goal was to <br /> complete a sustainable development that would enhance the City. She then commented on the <br /> affordable housing that would be included within the TCAAP development. <br /> Councilmember Scott stated this was a proud moment for all taxpayers within Ramsey County. <br /> He reported this agreement would not have happened without the commitment from Alatus and <br /> the City Council. He indicated this project was in a much better place than it was several years <br /> ago. He thanked Bob Lux and stated he was looking forward to this project getting started. <br />