02-05-24 JDA - Laserfiche WebLink

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Commissioner Reinhardt believed the proposed timeline was reasonable. Commissioner Fabel commented the main project of concern for him was having the financial resources in place by March 31. He understood Commissioner Frethem would be going to Washington, he requested the JDA receive a report or update on the progress that was being made regarding project financials. He suggested the JDA receive an update from federal government representatives as well. Commissioner Frethem indicated she would continue to work to build federal awareness for the project and to build partnerships in order to secure funding and investors. She commented on how developing Outlot A with specific energy goals would assist in identifying future partners. Commissioner Monson requested further information on what the financial gap is at this time. Ms. Mitchell reported there are a lot of costs to putting in the infrastructure for the site and preparing the site for vertical development. She stated the horizontal work included grading the site, roads, stormwater, parks, water tower, trails, and sidewalks. She explained the estimated cost for the horizontal work was $180 million. She indicated the County has some sources that would be invested in the project, along with requested State funding, but noted the County would continue to seek funding to assist with funding these expenditures. She reported the County may not have all funding in place when the project begins, but would continue to seek funding. Commissioner Monson stated one of the biggest gaps is significant potential for subsurface risk, given the soils. She reported subsurface risk was a real risk. She commented on how important it was to properly manage soils for stability purposes. She stated because this land would cost more to prepare, it may outweigh the value of the land, which was creating the real financial gap. She recommended funding updates be given to the JDA going forward but questioned how this should be completed by staff. Chair Wicklund suggested the portions of the development agreement that are complete be reviewed by the JDA. He recommended the financials for TCAAP be reviewed on a monthly basis. Commissioner Monson supported the JDA reviewing the financials on a monthly basis as well. Commissioner Reinhardt indicated there were a lot of moving parts when it comes to this project. She appreciated how diligently staff was working on this project, in addition to selling Outlot A. She supported the City and County pursuing grants through the federal government for this project. Commissioner Frethem explained she worried about getting too into the weeds when it came to the financials, noting cost projections can generally be good, but things may also change. She