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05-13-24-R
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05-13-24-R
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ARDEN HILLS CITY COUNCIL — APRIL 22, 2024 2 <br />indicated the Council will be seeing the profonmas at some point before any formal agreements <br />move forward. <br />Councilmember Holden stated according to the Arden Hills spreadsheet, the City will be in a <br />$5.5 million deficit in 20 years. She questioned if this spreadsheet took into account the fact that <br />affordable housing properties would only be paying 25% in property taxes. <br />City Administrator Perrault stated he would have to double check on this, but it was his <br />understanding the affordable housing was not included in the proforma. <br />Councilmember Holden indicated this meant the deficit would be even larger than $5.5 million. <br />She commented on how she had spoken to representatives from Ramsey County and that they <br />were talking about how bad the soil was on TCAAP and that the site may be redesigned by the <br />developer. She inquired if these concerns were valid. <br />City Administrator Perrault explained there was significant soil correction that had to be done. <br />He reported Alatus had engaged with a few consultants to determine if it would be feasible to <br />move the soil onsite or do a redesign. He indicated it was his understanding Alatus was looking at <br />the same plan that has been around for years and they were not looking to redesign the project. <br />Councilmember Holden asked if tax credits were built into the horizontal build out. <br />City Administrator Perrault reported the horizontal build out does not include tax credits. <br />Councilmember Holden stated after reviewing the horizontal build out analysis, it appears <br />Alatus would be receiving a 30% profit margin. She questioned if this was what the JDA was <br />planning to give the developer. <br />City Administrator Perrault commented with respect to the horizontal infrastructure, there was <br />a gap that had to be filled. In recent conversations, the County's financial advisor has asked <br />Alatus what they could bring to the table. Alatus has stated they could bring $10 to $15 million. <br />In return for bringing this money to the table, Alatus was looping for a 2X or 3X return on this <br />investment. <br />Councilmember Holden asked if it would cost an additional $30,000 to make each home electric <br />only within TCAAP. She inquired if this additional fee was built into the proformas and financial <br />proj ections. <br />City Administrator Perrault stated he did not recall this number being discussed by Alatus. <br />Councilmember Holden reported Todd made this statement. <br />City Administrator Perrault explained the additional $30,000 to make each home electric -only <br />was not built into the proforma. <br />Councilmember Holden questioned if staff had verified what the developer would be donating <br />or putting in -kind to the development. <br />
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