06-25-2025 Special JDA Agenda Packet

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Rice Creek Commons Terms for Final Development Agreement 12/4/2023 2 The parties understand that beyond infrastructure financing, there may be opportunities to leverage financing tools available to the site, which may include City, County, State, Federal, and/or private funds. The parties will work collaboratively to explore funding opportunities and find mutually agreeable solutions. The County expects to invest money in affordable housing on the site through its funding sources, such as the Housing and Redevelopment Authority levy, CDBG, and HOME. Housing Density The parties will work toward developing a maximum of 1,960 housing units on the site, pending final approval of the necessary regulatory changes. Lesser densities may be considered upon mutual agreement. Housing will include a range of types, including but not limited to single-family houses, townhouses, and apartments. • Number of units of each housing type planned (single- family, townhomes, multifamily, co-ops, etc.) Housing Affordability The parties share a goal of providing affordable housing on the site and will work toward a minimum of twenty percent of the total housing unit count (392 units at a maximum of 1,960 total units) to consist of affordable rentals at 60% AMI or below. The developer will pursue opportunities for funding and submit applications to make these rental units more deeply affordable, from sources such as Minnesota Housing (low-income housing tax credits (LIHTC)), CDBG-HOME, County HRA levy funds, Local Affordable Housing Aid (metro area sales tax funding), etc. and with partners such as Habitat for Humanity. The parties will additionally work toward constructing ten percent of the owner- occupied units to accommodate Ramsey County down payment assistance, which is accessible to households who make less than 115% of area median income (AMI) (in 2023, that equates to a for-sale price of less than $372,000). • Financial commitments for housing affordability • Number of units of affordable rental housing planned and affordability/AMI level • Number of units of affordable for-sale housing planned (i.e. eligible for down payment assistance) • Affordability terms • Rental policies (e.g. projects must accept Section 8 vouchers) Housing Ownership versus Rental The parties share a goal of providing opportunities for homeownership opportunities in the development, and as part of the final development agreement will come to a mutually agreeable ratio of owner-occupied units to rental units. • Number of homeownership and rental units planned • Mechanism for ensuring this balance comes to fruition