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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 />through the 2024 legislative session to contribute toward this work. In the absence of a <br />bonding bill, the County is working to determine other sources to fulfill this obligation. <br />The City of Arden Hills is obligated to fund City public improvements, estimated at $15.8 <br />million. These improvements consist of the wastewater and watermain for the Spine Road <br />and the water tower. The City intends to fund its obligations via fees, charges, or <br />assessments as outlined in the JPA or as mutually agreed upon by the parties. <br />Both the County and City are committed to a project that does not exceed their respective risk <br />tolerances and is fiscally responsible for each entity. <br />Alatus has committed to exploring options with private partners to provide up to $15 million in equity <br />toward these costs. <br />Assuming these investments of $25.4 million from Ramsey County, $15.8 million from the City of Arden <br />Hills, and $15 million from Alatus, there are approximately $38.4 million in unfunded costs in this scope <br />of work. <br />Exploring additional financial tools <br />Ehlers has assisted the City and County in exploring various options for closing this funding gap. Some of <br />the tools investigated over the past several months include County bonds repaid with tax increment <br />and/or abatement financing and future land sale proceeds. The financing options explored so far have <br />not been shown to be sufficient to closing the gap or present a financial risk that is too large for <br />consideration. <br />Alatus has told the City and County that they will provide a new proposal for financing the horizontal <br />development. While no parties have seen this proposal as of the date of this memo, this approach could <br />potentially provide a way to balance each party’s risk and reward appropriately to achieve the shared <br />goal of completing the horizontal development to prepare the land for vertical development. <br />Rice Creek Commons Horizontal Development <br />Uses Sources <br />County Project Costs $ 25,400,000 County Thumb Parcel Proceeds $ 12,750,000 <br />City Project Costs $ 15,800,000 County Sources TBD $ 12,650,000 <br />Town Center Infrastructure $ 8,000,000 City Assessments/Charges $ 15,800,000 <br />Mass Grading & Soil Correction $ 41,800,000 Developer Equity $ 15,000,000 <br />Developer Soft Costs $ 3,600,000 State of Minnesota $ - <br /> Funding Gap $ 38,400,000 <br /> <br />Total Uses of Funds $ 94,600,000 Total Sources of Funds $ 94,600,000 <br />
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