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07-23-2024 Special JDA Agenda Packet
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07-23-2024 Special JDA Agenda Packet
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<br /> Joint Development Authority <br />TCAAP Redevelopment Project <br />Joint Development Authority <br />TCAAP Redevelopment Project <br />AGENDA ITEM 3 <br /> <br />MEMORANDUM <br />DATE: July 23, 2024 <br /> <br />TO: Joint Development Authority Board of Commissioners <br /> <br />FROM: Directors Collins and Perrault <br /> <br />SUBJECT: Rice Creek Commons Project Status Update <br /> <br />Establishing the scope of work <br />After the approval of the Preliminary Development Agreement between Alatus and the JDA in December <br />2023, a group consisting of City/County staff, Alatus, and consultants have been meeting regularly to <br />discuss the development of the California parcel of Rice Creek Commons. The focus has been how to <br />finance the horizonal development (mass grading, infrastructure, and other improvements) to prepare <br />the site for vertical development (housing, commercial buildings, and other amenities). Further <br />discussion will be needed on any public financing or partnerships of vertical development <br />improvements. <br />Through a series of discussions, the group narrowed its focus to a subset of the horizontal work that is <br />critical for vertical development to begin, with a cost estimate of approximately $94.6 million (see <br />table). These numbers are conceptual and for discussion purposes only, as the cost estimates continue <br />to be refined as more information becomes available and different financing approaches are considered. <br />There is additional site infrastructure not in this scope of work, including but not limited to structured <br />parking, public parks, and other public realm enhancements. <br />Determining available funding <br />The Joint Powers Agreement (JPA) outlines obligations on the part of the City and County to pay for <br />certain pieces of site infrastructure. The City and County individually determine what respective funding <br />sources are used to cover these obligations. <br />Ramsey County obligations are estimated at $25.4 million. This work consists of the Spine <br />Road, natural resources corridor, regional trail, TCAAP Groundwater Remediation System <br />(TGRS) modifications, and other related infrastructure work. They plan to cover this partially <br />with proceeds from the sale of Outlot A. The County also pursued funding from the state <br /> <br />
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