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Rice Creek Commons Terms for Final Development Agreement 12/4/2023 <br />1 <br />Term Sheet <br />-basic requirements and expectations <br />-Parties: Alatus LLC and the Joint Development Authority (JDA) <br />Final Development Agreement <br />-This column represents items that are not covered in the term <br />sheet, but will be expanded upon in the Final Development <br />Agreement, including details like: <br />-more detailed requirements <br />-enforcement mechanisms <br />-financial details <br />Assumptions <br />This Term Sheet is intended to set forth the general terms that the developer and <br />the JDA may be willing to enter into in a definitive final Development Agreement to <br />be negotiated. Neither this Term Sheet nor approval thereof shall constitute an <br />offer or agreement and no agreement with respect to the matters set forth herein <br />shall be effective until the date of execution of a definitive final Development <br />Agreement in writing by all parties thereto. <br />The terms below are predicated on the County receiving funding from the State for <br />site infrastructure ($25M request). If this funding is not allocated, there will be <br />implications both for timing and financing of the project. <br />The Final Development Agreement shall be consistent with the Joint Powers <br />Agreement. <br />Infrastructure Financing <br />The parties understand that the infrastructure funding for the project is critical to its <br />advancement and will work collaboratively to ensure the infrastructure financing is <br />achieved in a manner mutually agreeable to the parties. The City’s goal is to have <br />their respective infrastructure financed and paid for by the development and not <br />burden existing residents. <br />•Financial commitments of all parties to infrastructure <br />•Who will be responsible for managing infrastructure <br />project <br />Public/Private Financing <br />The parties understand from financial analysis that there are funding gaps in the <br />project. The parties will actively pursue both public and private sources of funding <br />with the goal of identifying a path to filling these gaps by the end of 1Q 2024. <br />•Financial commitments of all parties to other parts of the <br />development <br />Attachment B