Laserfiche WebLink
b. Approve Preliminary Development Agreement with Alatus <br />Jenny Boulton, Kennedy & Graven, explained she worked with Ramsey County and the City of <br />Arden Hills to draft a new preliminary development agreement (PDA) with Alatus LLC, which <br />gives them exclusive rights to the development of the Outlot C (also known as the California <br />Parcel) through June 30, 2025. Bob Lux, CEO of Alatus, has signed the PDA and it is now brought <br />to the JDA for review and approval. <br />Commissioner Reinhardt thanked staff and JDA Attorney Boulton for all of their efforts on this <br />agreement. <br />Commissioner Frethem appreciated how this agreement puts everyone on the same page in <br />order to move this project forward. <br />Commissioner Monson asked if a second agreement would be drafted between the County and <br />the developer. Ms. Mitchell explained there has been discussion of a professional services <br />agreement. <br />Commissioner Monson requested comment on what had been signed and what may be <br />different within this agreement. Ms. Boulton reported the PDA was very similar to the previous <br />PDA that was signed with Alatus. She noted the major difference was that this PDA relates only <br />to Outlot C and the timing was different. <br />Motion by Commissioner Frethem seconded by Commissioner Fabel to approve the Preliminary <br />Development Agreement with Alatus for Outlot C. Motion carried. <br />c. Approve Term Sheet with Alatus <br />Ms. Boulton reviewed the proposed term sheet with Alatus in detail with the JDA. She <br />discussed how the property would have to be conveyed from the County to Alatus through a <br />separate purchase agreement. She commented further on the assumptions that were made <br />within the term sheet and recommended approval. <br />Commissioner Reinhardt asked what the timeline was on the term sheet. Ms. Boulton stated <br />staff was requesting approval at a high level today. She reported there would be multiple <br />iterations of the term sheet as more terms are negotiated over time, while working towards an <br />agreement. She explained the goal would be to work out a pathway to fill the expected gap in <br />financing by the end of the first quarter of 2024. She noted updates would be provided to the <br />JDA as time goes on. <br />Commissioner Reinhardt stated she appreciated the assertive timeline. <br />Commissioner Fabel commented on how he had previously viewed this document in an earlier <br />form at the JDA Advisory Committee meeting last Thursday and he was not optimistic that this <br />