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c. Review Term Sheet <br /> <br />Director Mitchell reviewed the term sheet with Alatus noting the document had been updated <br />to reflect the current status of terms for a Development Agreement. <br /> <br />Commissioner Monson requested staff walk through the term sheet for the public. Director <br />Mitchell presented the term sheet in further detail with the JDA. She commented on how <br />important the timing was for the project, when the land would be conveyed, and who would be <br />responsible for covering assessments. <br /> <br />Commissioner Monson asked what portions of the 2018 agreement were being used. Director <br />Mitchell explained there were some pieces of the 2018 agreement that were being used, but <br />previously the development would move forward in tranches, and now there would be a full <br />conveyance. <br /> <br />Chair Wicklund inquired if the minimum 20% affordable housing had been agreed upon with <br />the developer. Director Mitchell reported the 20% minimum had been agreed upon with the <br />developer. <br /> <br />Commissioner Monson stated the proposed split between owner and rental units within the <br />development was a really big deal to the Arden Hills City Council. <br /> <br />Commissioner Monson requested further information on the prevailing wage ordinance and <br />what an amendment would look like. Director Mitchell explained the prevailing wage ordinance <br />requires prevailing wages to be paid for projects that receive more than $25,000 in County <br />funding. She reported an amendment to the ordinance would require staff review and political <br />considerations. She noted a public hearing would also be required. <br /> <br />Commissioner Monson understood the prevailing wage ordinance was a concern for the <br />developer and that it would take a bit of time to amend the ordinance. <br /> <br />Commissioner Weber asked what the $25,000 investment in County funding applied to. <br />Director Mitchell stated it was her understanding the County’s investment in remediating the <br />site covered the $25,000 investment and therefore the prevailing wage ordinance applied to <br />both the vertical and horizontal construction that would occur on this site. <br /> <br />Commissioner Monson inquired how the County would be defining the metric to measure the <br />developers financial capacity to sustain real estate debt and carrying cost for the full build out. <br />Director Mitchell stated she did not have this answer in front of her. <br /> <br />Commissioner Monson explained she would like staff to look into this and provide the JDA with <br />an answer to this question. She thanked staff for all of her efforts on the term sheet and for <br />providing a detailed presentation on this matter. <br />