06-02-2025 JDA Agenda Packet - Laserfiche WebLink

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Rice Creek Commons Terms for Final Development Agreement May 2025 Working Draft 4 H. Green Energy Goals and Infrastructure The parties share the goal of building an ambitious, sustainable development. The parties endorse the Rice Creek Common Energy Vision, as adopted by the JDA on 10/2/23, and will collaborate in alignment with the guiding principles therein. As part of working toward this vision, the parties will explore the feasibility of an all-electric development and work with the selected energy consultant to create metrics to be included in the final development agreement to achieve these goals. JDA and Developer agree that the Sustainability Design Guidelines will apply. The JDA Energy Advisory Committee has expressed support for geothermal district energy as part of the carbon-free energy solution for the site, based on the Clean Energy Analysis Report accepted at the November 2024 JDA meeting. Developer has expressed concern about connecting to district energy as well as the ability to find single-family developers to build all-electric homes. I. Building 116 The JDA will support the developer’s exploration of the feasibility of moving Building 116 off the site, including identifying a way to pay for the relocation. JDA and Developer agree that a final decision on the future of Building 116 is out of the parties’ control and will take time, so the current legal documents under negotiation cannot rely on a specific outcome. Information is needed from Developer regarding ability to proceed with acquisition, grading and development in the absence of a resolution to the Building 116 relocation. J. Maintenance and Operating Costs/Responsibilities The parties understand that ongoing maintenance and associated costs will need to be addressed in the final development agreement. Furthermore, each party may have its own goals in the short and long term. The parties will work collaboratively to address these in the final development agreement. For example, it is important to the City to ensure the Rice Creek Commons does not put undue financial risk or burden on the entire City and will seek to have short-term and long-term funding gaps addressed. The financial responsibilities of all parties for long-term maintenance and operating costs of the development have not yet been discussed in detail because other core items need to be decided first.