04-01-2024 JDA Agenda Packet - Laserfiche WebLink

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Rice Creek Commons Terms for Final Development Agreement 4/1/2024 Working Draft 1 Term Sheet Parties: Alatus LLC and the Joint Development Authority (JDA) Current Status To Be Determined A. Assumptions This Term Sheet is intended to set forth the general terms that the developer and the JDA may be willing to enter into in a definitive final Development Agreement to be negotiated. Neither this Term Sheet nor approval thereof shall constitute an offer or agreement and no agreement with respect to the matters set forth herein shall be effective until the date of execution of a definitive final Development Agreement in writing by all parties thereto. The terms below are predicated on the County receiving funding from the State for site infrastructure ($25M request). If this funding is not allocated, there will be implications both for timing and financing of the project. The Final Development Agreement shall be consistent with the Joint Powers Agreement. State funding request submitted. Legislature currently in session. B. Infrastructure Financing The parties understand that the infrastructure funding for the project is critical to its advancement and will work collaboratively to ensure the infrastructure financing is achieved in a manner mutually agreeable to the parties. The City’s goal is to have their respective infrastructure financed and paid for by the development and not burden existing residents. Request for Proposal for County infrastructure released 3/14/24. Infrastructure financing analysis underway. • Financial commitments of all parties to infrastructure • Who will be responsible for managing infrastructure project(s)