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Joint Development Authority <br />TCAAP Redevelopment Project <br />Joint Development Authority <br />TCAAP Redevelopment Project <br />BENCH HANDOUT <br />AGENDA ITEM 8a.2 <br />MEMORANDUM <br />DATE: June 25, 2025 <br />TO: Joint Development Authority Board of Commissioners <br />FROM: Directors Mitchell and Jagoe <br />SUBJECT: Consider Request for Preliminary Development Agreement Extension <br />Commissioners Should Consider <br />•Request by Alatus to amend the Preliminary Development Agreement between Alatus and the <br />JDA to extend the term of the PDA to September 7, 2025. <br />At the June 2, 2025, JDA meeting, Bob Lux of Alatus requested that the Preliminary Development <br />Agreement between Alatus and the JDA be amended to extend the term to 30 days past the date that <br />the 90% design plans for the Spine Road and related infrastructure are scheduled to be delivered. The <br />target date for the 90% plans is August 8, 2025, and 30 days beyond that would be September 7, 2025. <br />If the JDA takes no action, the Preliminary Development Agreement will expire by its terms on June 30, <br />2025. <br />Background <br />On December 4, 2023, the JDA and Alatus executed a Preliminary Development Agreement (PDA) <br />(Attachment A) for the California Parcel at Rice Creek Commons. This PDA outlined the parties’ <br />commitment to negotiate terms for a final Development Agreement (DA) during the term of the <br />agreement, with an expiration date of June 30, 2025. These terms would provide the nature and timing <br />of the public infrastructure and private improvements to be constructed on the California Parcel. <br />This PDA contained a goal of reaching a high-level term sheet within 90 days of execution of the <br />agreement. At that same December 2023 JDA meeting, the JDA and Alatus agreed to a high-level term <br />sheet (Attachment B), satisfying that goal. This term sheet outlined where agreement had already been <br />reached on core issues and where additional discussion was needed. It also contained a goal to sign a <br />final DA by August 7, 2024. <br />In addition to the term sheet, the parties circulated a more detailed framework for deal points <br />(Attachment C) that would need to be resolved in order to finalize the DA.