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ARDEN HILLS CITY COUNCIL — JULY 8, 2024 3 <br />first installment for mass grading and soil correction that was required for the land. He explained <br />Bob Lux would then pay the remaining $35 million to the County within three years. Once this <br />has been satisfied, the land would be transferred to Alatus. He reported Alatus was proposing to <br />pay for the mass grading and soil correction and the County would then convey the land to <br />Alatus. <br />Councilmember Holden questioned if Alatus would provide the County with $5 million up <br />front. <br />City Administrator Perrault explained this would be the case. <br />Councilmember Holden indicated this would mean the County would not have to bond for the <br />$40 million. She asked if this expense would cover the spine road. <br />City Administrator Perrault stated this expense would not include the spine road. <br />Mayor Grant asked if the mass grading work would include the removal of the old telephone <br />poles and remediation in the southwest corner. <br />City Administrator Perrault explained the poles would be removed as part of the mass grading <br />process. He assumed that any necessary remediation would take place at that time. <br />Councilmember Holden inquired when the spine road would be installed. <br />City Administrator Perrault stated Alatus would like to install the spine road and underground <br />utilities along with the larger soil correction and grading project. He indicated the County would <br />be responsible for paying for their portion of the spine road. <br />Mayor Grant reported Alatus would be paying $40 million for this land and years ago Alatus <br />had agreed to pay $62 million. <br />City Administrator Perrault clarified he was speaking from 2017 and beyond. He noted the <br />previously discussed $62 million was the value for the land sales and noted the $62 million was to <br />be split between Alatus and the County. He explained Alatus would now be paying the $40 <br />million in mass grading and soil corrections and could then sell the land for whatever price they <br />deem necessary. <br />Mayor Grant appreciated the fact there was no strike price in place for the land. <br />Councilmember Fabel stated everything City Administrator Perrault has stated was somewhat <br />speculative because nothing was in writing. <br />Councilmember Holden indicated the City has been given information, even if it was <br />speculative, she was allowed to ask questions. She noted at the $40 million price, Alatus would be <br />paying a little more than $100,000 per acre for the land. She explained this was all taxpayer <br />money and she didn't want taxpayers to be impacted in the rush to develop this land. <br />Mayor Grant stated Outlot A sold for $12 million and it was 42 acres in size. He reported with <br />the new information from Alatus and the County, it appears the remaining 380 acres was <br />