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Rice Creek Commons Terms for Final Development Agreement 4/1/2024 Working Draft <br />4 <br /> <br />I. Building 116 <br /> <br />The JDA will support the developer’s exploration of the <br />feasibility of moving Building 116 off the site, including <br />identifying a way to pay for the relocation. <br /> <br /> <br /> <br />Strategy underway. <br /> <br />• Financial resources to pay for potential relocation <br />• Regulatory process and permissions necessary <br />J. Maintenance and Operating Costs/Responsibilities <br /> <br />The parties understand that ongoing maintenance and <br />associated costs will need to be addressed in the final <br />development agreement. Furthermore, each party may have its <br />own goals in the short and long term. The parties will work <br />collaboratively to address these in the final development <br />agreement. For example, it is important to the City to ensure <br />the Rice Creek Commons does not put undue financial risk or <br />burden on the entire City and will seek to have short-term and <br />long-term funding gaps addressed. <br /> <br /> <br /> <br />Analysis underway. <br /> <br /> <br />• Financial responsibilities of all parties for long-term <br />maintenance and operating costs of the development <br />K. Ordinances and Policy Applicability <br /> <br />The developer will comply with all applicable federal, state, and <br />local ordinances. <br /> <br /> <br />To be discussed. <br /> <br /> <br />• Other construction standards including green building <br />standards, quality of construction, etc. <br />• Applicability of ordinances including Ramsey County <br />Prevailing Wage Ordinance No. 2013-329 <br /> <br />L. Conveyance of Property <br /> <br />The property will be conveyed to the developer in tranches. <br />The parties will establish performance metrics, and the JDA will <br />assess performance on these metrics prior to the conveyance <br />of the next tranche. <br /> <br /> <br />Analysis underway. <br /> <br /> <br />• What exactly each tranche comprises <br />• Order in which tranches will be conveyed <br />M. Timeline <br /> <br />The parties will work together in earnest to negotiate and sign <br />a Final Development Agreement by the August JDA meeting, <br />scheduled for 8/7/2024. <br /> <br /> <br />Negotiations <br />underway. <br /> <br />• The PDA extends through June 2025 so this timeline is not set <br />in stone but is a goal.