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Rice Creek Commons Terms for Final Development Agreement 12/2/2024 Working Draft <br />1 <br /> <br />Term Sheet <br />Parties: Alatus LLC and the Joint Development Authority (JDA) <br />Current Status To Be Determined <br />A. Assumptions <br /> <br />This Term Sheet is intended to set forth the general terms that <br />the developer and the JDA may be willing to enter into in a <br />definitive final Development Agreement to be <br />negotiated. Neither this Term Sheet nor approval thereof shall <br />constitute an offer or agreement and no agreement with <br />respect to the matters set forth herein shall be effective until <br />the date of execution of a definitive final Development <br />Agreement in writing by all parties thereto. <br /> <br />The terms below are predicated on the County receiving <br />funding from the State for site infrastructure ($25M request). If <br />this funding is not allocated, there will be implications both for <br />timing and financing of the project. <br /> <br />The Final Development Agreement shall be consistent with the <br />Joint Powers Agreement. <br /> <br /> <br /> <br />Bonding bill not <br />passed; no state <br />funding received in <br />2024 for site <br />infrastructure. <br /> <br />Legislative request <br />planned for 2025. <br /> <br />Alternate funding <br />options being <br />explored. <br /> <br />B. Infrastructure Financing <br /> <br />The parties understand that the infrastructure funding for the <br />project is critical to its advancement and will work <br />collaboratively to ensure the infrastructure financing is <br />achieved in a manner mutually agreeable to the parties. The <br />City’s goal is to have their respective infrastructure financed <br />and paid for by the development and not burden existing <br />residents. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Contract with <br />Kimley-Horn for <br />final design of spine <br />road and related <br />infrastructure fully <br />approved on <br />7/11/24. <br /> <br />Infrastructure <br />financing analysis <br />underway. <br /> <br /> <br />• Financial commitments of all parties to infrastructure <br />• Who will be responsible for managing infrastructure <br />project(s)