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<br /> Joint Development Authority <br />TCAAP Redevelopment Project <br />Joint Development Authority <br />TCAAP Redevelopment Project <br />AGENDA ITEM 8b <br /> <br />MEMORANDUM <br />DATE: February 5, 2024 <br /> <br />TO: Joint Development Authority Board of Commissioners <br /> <br />FROM: Director Collins <br /> <br />SUBJECT: Update on Outlot A <br /> <br />On April 24, 2023, a Request for Development Interest (RDI) for Rice Creek Commons/TCAAP Outlot A <br />(also known as the Thumb Parcel) was released on DemandStar. The response deadline was July 28, <br />2023, and six proposals for commercial/industrial development concepts were received. An evaluation <br />team made up of County staff, City of Arden Hills staff, and a financial consultant reviewed and <br />evaluated all proposals based on the criteria listed in the RDI. Through this evaluation process, the pool <br />of proposals was narrowed to the three top scoring proposals for consideration. <br /> <br />On August 22, 2023, an overview of all proposals was given in a closed session of the Ramsey County <br />Board. On October 2, 2023, the TCAAP Joint Development Authority (JDA) received a presentation on <br />the top three proposals and recommended a proposal from Ryan Companies, labeled in the <br />presentation as Proposal A, to the Ramsey County Board for consideration. <br /> <br />On October 10, 2023, the Ramsey County Board met in closed session to review the JDA‘s <br />recommendation and directed staff to move forward with negotiations with Ryan Companies. Staff <br />worked with Ryan Companies to negotiate a Letter of Intent (LOI), signed on November 6, 2023, and <br />then began drafting a Purchase and Sale Agreement (PSA). <br /> <br />A Purchase and Sale Agreement was negotiated based on Ryan Companies’ concept plan for build-to- <br />suit light-industrial/office and retail development that includes placemaking aspects and pedestrian <br />access to the adjacent Rice Creek Regional Park trails and open space. The Purchase and Sale Agreement <br />provides for an inspection period up to 15 months, during which Ryan Companies will complete their <br />due diligence on the property. The sale transaction is anticipated to close in early 2025, with site <br />development work to begin thereafter. <br /> <br />A closed session of the Ramsey County Board was held on January 9, 2024, where the Ramsey County <br />Board reviewed the terms of the PSA and the timeline associated with the proposed Outlot A site <br />development. <br /> <br /> <br />