04-03-2023 JDA Agenda Packet - Laserfiche WebLink

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Joint Development Authority TCAAP Redevelopment Project Joint Development Authority TCAAP Redevelopment Project AGENDA ITEM 6c MEMORANDUM DATE: April 3, 2023 TO: Joint Development Authority Board of Commissioners FROM: Directors Collins and Perrault SUBJECT: Draft For Solicitation of Thumb Parcel Summary A request for Development Interest Solicitation is attached to this packet for Joint Development Authority review and authorization. The Solicitation is exclusively for Outlot A within the Rice Creek Commons project boundaries. Outlot A is available to be sold to interested buyers without additional infrastructure investment. The land sale proceeds are anticipated to be invested by the County into the larger vision for Rice Creek Commons. Ramsey County is working with the developer, Alatus, on an agreement that provides exclusive development and brokerage rights for the remainder of the site. The development team represented by Alatus, LLC may participate in this solicitation as well by providing industry outreach or as negotiated with Ramsey County. Key Considerations: • The solicitation is designed to attract development seeking shovel-ready land. • The intent for this solicitation is minimize expense incurred to maximize land sale proceeds through future transaction(s). Process & Timeline The Advisory Committee, or a Selection Committee identified by the JDA, will review all proposals, and recommend finalists for JDA consideration. The County Board will enter into a Purchase and Development Agreement with the selected proposer. That Agreement will address the financial and other terms of the transaction. A tentative solicitation timeline is identified in the Request for Development Interest Solicitation attached to this report.