12-0402023 JDA Agenda Packet - Laserfiche WebLink

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Chair Wicklund anticipated this document would include clear, high level starting points. Commissioner Frethem asked if the JDA Attorney had any comments regarding what should or should not be included in the term sheet. Attorney Boulton stated she believed this was a good starting point for the key elements and noted this project would continue to evolve, but this list would help the JDA to focus their attention. Commissioner Frethem indicated it would be good for the JDA to have the term sheet completed by January in order to align with the bonding request timeline. Commissioner Monson asked if covenants have been thought about versus a development agreement. She stated it may benefit the JDA to have covenants in place in order to protect affordability, sustainability and green energy goals. She supported the JDA exploring this option versus a development agreement. Director Collins reported there was an existing environmental covenant on the California site for remediation aspects. Commissioner Monson explained the developer was looking at creating a stormwater district within the development. She anticipated the City would have to find a funding source if this were to proceed. She commented on the proposed water feature and stated she would love to see this completed. She recommended a timeline be written into the term sheet in order to set expectations. She asked if the Advisory Committee would be reviewing the term sheet prior to this document coming before the JDA. Director Perrault anticipated staff would have some language for each of the items in the term sheet for the Advisory Committee to review and this document would then come to the JDA in December. Chair Wicklund asked who would be attending the November Advisory Committee meeting. Director Perrault stated Commissioner Fabel, Commissioner Frethem, city and county staff members and consultants would be attending this meeting. Director Collins commented on how financial assumptions would also be discussed at this meeting. Commissioner Reinhardt recommended the expected tax base growth information for the Rice Creek Commons development be gathered by staff. Administrative Director's Report Director Collins reviewed the road map with the JDA. She explained the JDA would be reviewing the term sheet and looking ahead to 2024 at the December meeting. Commissioner Monson asked if a consultant has been decided for the Energy Advisory Committee. Larina DeWalt explained staff had reviewed a list of consultants but staff has now been determined that it would be better to go through an RFP process. 30