06-25-2025 Special JDA Agenda Packet

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Joint Development Authority TCAAP Redevelopment Project Joint Development Authority TCAAP Redevelopment Project areas. This new proposal sparked significant discussion about public bidding, prevailing wage, and the timing of ownership of public improvements, which largely remain unresolved. As of June 25, 2025, the JDA and Alatus have not come to agreement on the essential terms in the term sheet that need to be included in a final DA. Because of this, the JDA and Alatus have not begun discussions in the context of this deal structure on many of the detailed items that must be negotiated to complete the final DA, as outlined in Attachment C. While progress has been made on several key items, it has not been enough to prepare a DA. Commissioners Should Consider • Request by Alatus to amend the Preliminary Development Agreement between Alatus and the JDA to extend the term of the PDA to September 7, 2025. The following are motion language options that the JDA board may consider: • Approval: Motion to grant the request to amend the Preliminary Development Agreement with Alatus, to extend the term to September 7, 2025, and direct staff to draft an amendment for JDA approval. • Approval as amended: Motion to grant the request for an amendment to the Preliminary Development Agreement with Alatus, subject to changes or conditions listed below, and direct staff to draft an amendment for JDA approval: [list changes or conditions] • Denial: Motion to deny the request for an extension to the Preliminary Development Agreement with Alatus. The Preliminary Development Agreement will then terminate by its own terms on June 30, 2025. • No action: If no motion is made and seconded, the Preliminary Development Agreement will terminate by its own terms on June 30, 2025. Attachments: • Attachment A: Preliminary Development Agreement • Attachment B: Term Sheet • Attachment C: Deal Point Framework