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11-07-24-SWS
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11-07-24-SWS
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AGENDA ITEM - 3A <br />-ADEN HILLS <br />MEMORANDUM <br />DATE: November 7, 2024 <br />TO: Honorable Mayor and City Councilmembers <br />FROM: Jessica Jagoe, Interim City Administrator <br />SUBJECT: Rice Creeks Commons/TCAAP Discussion <br />Budgeted Amount: Actual Amount <br />N/A N/A <br />Council Should Consider <br />Funding Source: <br />N/A <br />Council should discuss its next steps and provide direction on development items towards the <br />future development of Rice Creek Commons/TCAAP. <br />BackLrround <br />At the October 151h Special Work Session, the City Council gave direction to schedule a special <br />work session to discuss the term sheet items related to the future development of Rice Creek <br />Commons (RCC)/TCAAP. Staff had shared that Ramsey County and Alatus ("Developer") have <br />exchanged comments on the PSA drafted by the County Attorney, and County staff are <br />continuing discussions with Alatus on negotiating the final terms of the PSA. In addition, the <br />County has contracted with Kimley Horn for the completion of design plans for the mass grading <br />and spine road. These actions are consistent with the Joint Powers Agreement for <br />the redevelopment of RCC. Given the advancement in these areas, the City Council felt the <br />previously agreed upon Memorandums of Understanding (MOU) (i.e. Civic Site, Parks), draft <br />agreements (i.e. Cooperative Agreement), and deal terms should be reviewed. The Council gave <br />priority to begin discussion with a review of the Civic Site and Parks MOU. <br />Discussion <br />2022 Term Sheet <br />Our Financial Advisor with Ehlers, Stacie Kvilvang, following direction of the City Council has <br />contacted the Developer to request that they redline the 2022 Term Sheet (Attachment A) as a <br />starting point to discuss any changes to the previously agreed upon items. With the ongoing <br />negotiations between the Developer and Ramsey County towards the final terms of the PSA, the <br />Developer has not had an opportunity to respond to the City's request. As an update on the PSA, <br />there is a tentative closed session scheduled for the County Board on Tuesday, November 26th <br />Page 1 of 5 <br />
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