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Rice Creek Commons Terms for Final Development Agreement 8/5/2024 Working Draft <br />3 <br /> <br />The parties will additionally work toward constructing ten <br />percent of the owner-occupied units to accommodate Ramsey <br />County down payment assistance, which is accessible to <br />households who make less than 115% of area median income <br />(AMI) (in 2023, that equates to a for-sale price of less than <br />$372,000). <br /> <br />F. Housing Ownership versus Rental <br /> <br />The parties share a goal of providing opportunities for <br />homeownership opportunities in the development, and as part <br />of the final development agreement will come to a mutually <br />agreeable ratio of owner-occupied units to rental units. <br /> <br /> <br /> <br />To be discussed. <br /> <br /> <br />• Number of homeownership and rental units planned <br />• Mechanism for ensuring this balance comes to fruition <br />G. Commercial/Industrial Development and Job Creation <br /> <br />The parties understand that new employment at well-paying <br />jobs is an important objective for Rice Creek Commons, for <br />which reason certain areas have been zoned for commercial or <br />industrial usage. Accordingly, the parties agree to pursue <br />appropriate buyers or tenants for such areas as will maximize <br />the opportunities for such employment. <br /> <br /> <br /> <br />Affirmed. <br /> <br /> <br />• Details about job creation goals <br />H. Green Energy Goals and Infrastructure <br /> <br />The parties share the goal of building an ambitious, sustainable <br />development. The parties endorse the Rice Creek Common <br />Energy Vision, as adopted by the JDA on 10/2/23, and will <br />collaborate in alignment with the guiding principles therein. As <br />part of working toward this vision, the parties will explore the <br />feasibility of an all-electric development and work with the <br />selected energy consultant to create metrics to be included in <br />the final development agreement to achieve these goals. <br /> <br /> <br /> <br /> <br /> <br />Green energy <br />consultant under <br />contract. <br />Recommendation <br />for sustainability <br />certification to be <br />considered at <br />8/5/24 JDA meeting. <br />Additional analysis <br />underway. <br /> <br /> <br />• Specifics to be determined through energy consultant <br />contract: <br />o Goal for the development (i.e. net zero or all-electric <br />or carbon neutral or other) <br />o Energy technologies to be used to achieve that goal <br />o Metrics <br />• Financing for green energy work <br />• Other sustainability requirements beyond energy