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ARDEN HILLS CITY COUNCIL — MAY 27, 2025 2 On May 21", the JDA Advisory met with Alatus to continue discussions on Development Agreement terms. Alatus has proposed new purchase and sale agreement terms for consideration of the California parcel at one time rather than in tranches. Discussion continued with the JDA Advisory on the mass grading scope of work, timing of grading and terms for financial security. An updated development plan is to be provided by Alatus showing the vertical construction phasing by neighborhood. Alatus is additionally to provide information on their proposal for performance security for the Development Agreement. The next Joint Development Authority meeting will be Monday, June 2na Advisory committee meetings as they are scheduled, will continue to be posted on the City's website. Councilmember Holden asked if Alatus had responded to the JDA's request for information. City Administrator Jagoe explained Alatus provided a development plan that included the takedown of the property in tranches. She reported the proposal was to now take down the property in one and the JDA Advisory Committee has requested a development plan that times out with the new proposal. Councilmember Holden reported Alatus had previously proposed to take down the property all at once and then changed the plan. She inquired if the new plan was a stall tactic. City Administrator Jagoe stated she could not speak to this being a stall tactic, but noted the take down of the property as one or in tranches has been discussed. Councilmember Holden asked if Ryan Companies has spoken with the Army or the MPCA to discuss geothermal. City Administrator Jagoe explained she was uncertain of what conversations Ryan Companies has had with the Army or MPCA, but as part of the permitting, Ryan Companies will have to go through the proper approval process. Councilmember Holden expressed concern with the fact everyone was saying this project would have geothermal, when Ryan Companies does not have permission to drill. Councilmember Monson commented there has been back and forth when it comes to the structure of the developers purchase agreement. She indicated this continues to be a threshold question and the JDA was waiting for clarity. She explained if the land was taken down all at once, the County needs to have a way to take the land back if Alatus was not performing, which was complicating matters. Mayor Grant expressed concern that the developer was not able to articulate whether or not the development would be taken down at once or in tranches. He stated it would be incredibly difficult to draft a development agreement without this information. He reported it was his understanding that in 2026, the County wants to build the spine road. He asked if the County wanted to do this outside of having a development agreement. He believed this action should only be taken if there was a firm foundation with Alatus and a development agreement in place.