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ARDEN HILLS CITY COUNCIL WORK SESSION — APRIL 14, 2025 22 Councilmember Monson asked for clarification that the County is looking at the City's Term Sheet from May of 2022. Mayor Grant said he believes that is what was said in the summary from the City Administrator. City Administrator Jagoe stated she said the December 2023 Term Sheet had the public and private financing between the City, County and Developer. The City needs to still discuss that because in the 2022 Term Sheet the TIF was $17 million. We had asked the Developer to update that and redline it. They said this is still an open discussion item to be brought back after the purchase and sale details are reached. Mayor Grant said he is concerned that they are looking back to the previous Term Sheet, in terms of financing. He doesn't want negotiations to happen at the II�h hour. He doesn't think using that document is still valid. He agrees that numbers are changing. We can have the attorneys run numbers but it's expensive for the City to run analyses when things are in a state of change. City Administrator Jagoe said conversations are beginning regarding City WAC and SAC fees for the TCAAP Development. We may have enough topic items to use the May 27t' Work Session to focus on TCAAP updates and discussions that still need to be had. We could return to the cooperative agreement for financing. There are some things we know need to be discussed between the City and the County, regardless of how things land with Alatus. If Council is okay with that, she reminded that the discussion would be televised. Councilmember Holden would like to add affordable housing to the Work Session topic list. She doesn't think people understand the concept of it, how it is effected by TIF or what it costs to build affordable housing. Trident came with their $1.3 million. When a banker comes in and finances it, he's not financing it based on a lesser rate. When she calculated it out 30-years, for what the gentleman asked for TIF. She ran some numbers and he was pretty much asking what's on. She thinks we need a Work Session to discuss that kind of stuff. Councilmember Weber said the whole point of asking for affordable housing was in return for them exceeding the density. That was a give and take situation. That is why $1.3 million is absurd. They are asking for so much over the zoning density. We ask for affordable housing, in return. That isn't unreasonable. He is certain Councilmembers can recognize that it will cost something. The full $1.3 million over 30-years, upfront is an absurd ask. Mayor Grant said that is why we need to talk about it at a Work Session. He agrees we need to understand the Tax Increment Financing and the Tax Revenue Abatement, if that is used. City Administrator Jagoe offered that could be the EDA topic for the July meeting. Councilmember Monson was thinking the same thing. City Administrator Jagoe will place the topic on the agenda for that meeting. 4. COUNCIL COMMENTS AND STAFF UPDATES