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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 />