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Rice Creek Commons Terms for Final Development Agreement May 2025 Working Draft <br />2 <br />C. Public/Private Financing <br /> <br />The parties understand from financial analysis that there are <br />funding gaps in the project. The parties will actively pursue <br />both public and private sources of funding with the goal of <br />identifying a path to filling these gaps by the end of 1Q 2024. <br /> <br />The parties understand that beyond infrastructure financing, <br />there may be opportunities to leverage financing tools available <br />to the site, which may include City, County, State, Federal, <br />and/or private funds. The parties will work collaboratively to <br />explore funding opportunities and find mutually agreeable <br />solutions. The County expects to invest money in affordable <br />housing on the site through its funding sources, such as the <br />Housing and Redevelopment Authority levy, CDBG, and HOME. <br /> <br /> <br /> <br />The main source of the funding gap for the project has been the cost of mass grading the <br />site. On 5/14/25, Developer proposed privately financing both the mass grading and fine <br />grading of the site. Prior to this, Ramsey County had been analyzing a previous proposal by <br />Developer for public bond financing the mass grading of the site. <br /> <br />JDA staff have requested more details from Developer on this proposal, including the cost <br />of the scope of work, evidence of private funding to cover this cost, and details on remedies <br />for lack of performance. <br /> <br />Information is needed from Developer regarding timing and financing structure for public <br />parks, civic property conveyance, water tower, public parking, natural resources corridor. <br />D. Housing Density <br /> <br />The parties will work toward developing a maximum of 1,960 <br />housing units on the site, pending final approval of the <br />necessary regulatory changes. Lesser densities may be <br />considered upon mutual agreement. Housing will include a <br />range of types, including but not limited to single-family <br />houses, townhouses, and apartments. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />TRC has been updated. <br /> <br />Developer recently provided some information on the numbers of single-family houses, <br />townhouses, apartments, and other housing types are planned, but there hasn’t yet been <br />the opportunity to evaluate and discuss it.