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11-18-24-SWS
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Attachment D <br />MEMORANDUM OF UNDERSTANDING <br />This Memorandum of Understanding is made and entered into this day of <br />Ottup• - 20I1p , by the CITY OF ARDEN HILLS Minnesota municipal corporation <br />("City") and ALATUS ARDEN HILLS LLC, a Minnesota Limited Liability Company ("Master <br />Developer"). <br />1. Alatus Arden Hills LLC is the Master Developer of the former Twin Cities Army <br />Ammunition Plant property redevelopment project (the "Project"), also known as Rice Creek <br />Commons ("RCC"). The Master Developer will enter into a development agreement with the Joint <br />Development Authority for the Project. As part of the project development plan and pursuant to <br />the development agreement, Master Developer will be required to dedicate certain parcels of land <br />for park purposes to the City. The City and Master Developer have discussed and reached a mutual <br />understanding regarding the size, location, and improvement of the dedicated park areas and desire <br />to hereby document that understanding by this memorandum. <br />2. The City and Master Developer desire to dedicate and construct three major parks <br />within the Project. The three parks are Creek Park (CNP-1). Hill Park (HNP-2), and Town Center <br />Park (Park B-east of roadway), as shown on the project plans attached hereto as Exhibit A. The <br />Master Developer or assignee will also construct the additional public and private open spaces <br />identified in the TCAAP Redevelopment Code and on the TCAAP Regulating Plan at their own <br />expenses and are not subject to this agreement. <br />3. The Master Developer will hire and pay for a planning firm to work with the City <br />and the City Parks, Trails, and Recreation Committee on the design and development, including <br />amenities, of the three parks according to the standards attached hereto as Exhibit B ('Park <br />Improvements'), on terms to be agreed upon between the City and Master Developer. The final <br />designs for the Park Improvement shall be subject to City Council approval. <br />4. The City's estimated cost to design, construct, and inspect the Park Improvements <br />is $14.5 million dollars and will be funded by park dedication fees generated from the Project <br />pursuant to the Arden Hills Code of Ordinances and Fee Schedule, as amended over time. The <br />final cost and timing of the payment of park dedication fees will be established by subsequent <br />agreement between the City and Master Developer. <br />5. The City and the Master Developer will work together on the timing to construct <br />the Park Improvements and, if not constructed by the Master Developer, jointly selecting the entity <br />that will be responsible for constructing the Park Improvements. <br />6. Future agreements will be negotiated and entered into for the maintenance and <br />responsibility of each park and the Park Improvements. <br />
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