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07-23-24 JDA
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07-23-24 JDA
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Mr. Kimmel reported this was the case. He explained if the County were to issue $40 million in <br />bonds, this would be unsecured and would be backed by the levy. This funding would be hinged <br />on when the developer would buy the land. If the deal were to go sideways, the County would <br />be stuck with the $40 million in bonds. He discussed how assessment bonds were a first lien <br />that would go above a mortgage if there was a default. He explained there would still be a risk, <br />but there was some security over the GO Bonds. He commented the County needs to <br />understand when the developer would purchase the land and how much up front escrow <br />would be put down as collateral to buy the land. Also, the County needs to understand how <br />cost overruns will be addressed. He stated if a point could be reached where the City is taking <br />part of the load and the County is taking part of the load, hopefully this enables the developer <br />to put more on the table in terms of risk mitigation and a place can be reached to move the <br />project forward. <br /> <br />Commissioner Reinhardt stated a verbal agreement or proposal has been offered by the <br />developer. She understood that has to be put in writing. Ms. Mitchell explained what was <br />discussed in June was a conceptual framework. <br /> <br />Commissioner Monson asked if Alatus could come forward to speak to the JDA. <br /> <br />Bob Lux, Alatus, stated the reason an offer has not been presented is because he was waiting <br />on a contract from Kimley Horn that the County signed a week ago. He reported he needs this <br />because it informs the work that has to be done. He indicated he could not put a number on <br />the table until he has this document. He explained the RFP was written very wisely because it <br />includes the spine road and as well as addressing the geotechnical soil corrections within the <br />development. He commented on how soil would need to be exported and remixed because it <br />was structurally unsuitable. He stated the proposal was in the form of a letter of intent to <br />purchase the property. He explained he was enthused about where this project was at and the <br />equal amount of risk that was being placed on each party. He indicated Alatus would be putting <br />up a significant amount of money, the County would be putting up funding for a three year <br />period and he would have to work out with the City the 429 bonds that would be needed for <br />infrastructure. He discussed how Carla Dunham and Tony Kuechle had been brought in to the <br />project. He indicated he had reshaped his firm in order to be prepared for this development. He <br />described how the TGRS water treatment system has to be moved from the property. He <br />explained the next JDA meeting was scheduled for Monday, August 5 and he should be able to <br />review the contract at that time. <br /> <br />Acting Chair Frethem stated she had good discussions with federal representations about <br />moving the TGRS water system and explained there was good support. <br /> <br />Mr. Lux commented further on what would have to be done in order to begin the mass grading. <br />He stated the large excavation companies were looking for work. He estimated it would take 12 <br />to 15 months to complete the mass grading work. He was of the opinion this project was <br />further along than all of the parties may realize. <br />
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