08-05-2024 JDA Agenda Packet - Laserfiche WebLink

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Commissioner Reinhardt appreciated how all three partners were working to spread the risk out for this project in order to move it forward. She believed the City and County could not figure out the options before receiving a proposal from Alatus. Commissioner Monson commented the County has had a verbal delivery from Alatus for a month and the County won’t do anything unless it is in writing. She understood everything so far has been a no from the County. She explained the City’s levy was only $6 million a year so when considering risk and who could take risk, she indicated the City had a different tolerance because they do not own the land. She indicated only the County could cover a $40 million gap. She stated this was the reality. She hoped there would be a quicker turnaround for this project going forward. She was frustrated with the fact this group has not met since April. She feared that things were just spinning and nothing was moving forward. She understood this project would be really hard to complete and that difficult conversations would have to be held. She hoped this group could work through these conversations for the benefit of the development. Commissioner Reinhardt stated the County’s attorneys require things to be in writing and noted the County has not just been saying no. She reported staff has been sitting down with Alatus and maybe that is the message that has been received. She indicated if a verbal agreement has been reached, the County then needs it in writing. She explained the County does not have $40 million for this project. She anticipated all three parties would have to share in the solution to the funding gap. She did not believe it was fair to assume the County could pick up the entire funding gap. She indicated the County has an AAA bond rating and this was achieved because the County was cautious with what it does. She stated the County could not overextend anymore than the City could. Commissioner Monson commented on equity within the project. She reported if the County wanted equitable participation from the City the County had to understand the City’s levy was $6 million while the County’s levy was $800 million. She indicated the City may be able to participate, but the percentage would be a drop in the bucket. While she understood the County did not have $40 million, she believed it was disingenuous for the County to assume the City could solve this problem when the City’s finances were on a completely different scale than the County’s. Mr. Kimmel explained the special assessment idea has been on the table since 2018 for the $15 or $16 million was for the City. He indicated this funding would be used for neighborhood infrastructure and not mass grading. Commissioner Monson stated she didn’t know anything about this. Director Perrault indicated the Council did receive an update on the neighborhood infrastructure, but reported the City was waiting for a written piece on this. He indicated the special assessments were not proposed for the $40 million funding gap.