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Rice Creek Commons Terms for Final Development Agreement May 2025 Working Draft <br />1 <br />Term Sheet – December 2023 <br />Parties: Alatus LLC and the Joint Development Authority (JDA) <br />Current Status – 5/28/2025 <br />A. Assumptions <br /> <br />This Term Sheet is intended to set forth the general terms that <br />the developer and the JDA may be willing to enter into in a <br />definitive final Development Agreement to be negotiated. <br />Neither this Term Sheet nor approval thereof shall constitute <br />an offer or agreement and no agreement with respect to the <br />matters set forth herein shall be effective until the date of <br />execution of a definitive final Development Agreement in <br />writing by all parties thereto. <br /> <br />The Final Development Agreement shall be consistent with the <br />Joint Powers Agreement. <br /> <br /> <br /> <br /> <br />B. Infrastructure Financing <br /> <br />The parties understand that the infrastructure funding for the <br />project is critical to its advancement and will work <br />collaboratively to ensure the infrastructure financing is <br />achieved in a manner mutually agreeable to the parties. The <br />City’s goal is to have their respective infrastructure financed <br />and paid for by the development and not burden existing <br />residents. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Ramsey County will pay for the spine road and its related infrastructure. <br /> <br />Information is needed from Developer about timing of trunk utilities and neighborhood <br />infrastructure and the relationship between timing of special assessments and development <br />to be able to evaluate risk to City of failure to pay assessments and risk to County of re- <br />acquiring property under right of re-entry.