02-03-2025 Special JDA Work Session Packet

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Rice Creek Commons Terms for Final Development Agreement February 2025 Working Draft 1 Term Sheet Parties: Alatus LLC and the Joint Development Authority (JDA) Current Status To Be Determined A. Assumptions This Term Sheet is intended to set forth the general terms that the developer and the JDA may be willing to enter into in a definitive final Development Agreement to be negotiated. Neither this Term Sheet nor approval thereof shall constitute an offer or agreement and no agreement with respect to the matters set forth herein shall be effective until the date of execution of a definitive final Development Agreement in writing by all parties thereto. The Final Development Agreement shall be consistent with the Joint Powers Agreement. Bonding bill not passed in 2024, no state funding received for site infrastructure. Alternate funding options being explored. B. Infrastructure Financing The parties understand that the infrastructure funding for the project is critical to its advancement and will work collaboratively to ensure the infrastructure financing is achieved in a manner mutually agreeable to the parties. The City’s goal is to have their respective infrastructure financed and paid for by the development and not burden existing residents. Contract with Kimley-Horn for final design of spine road and related infrastructure signed on 6/27/24. Infrastructure financing analysis underway. • Financial commitments of all parties to infrastructure • Who will be responsible for managing infrastructure project(s) C. Public/Private Financing The parties understand from financial analysis that there are funding gaps in the project. The parties will actively pursue Financial analysis underway. • Financial commitments of all parties to other parts of the development