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Rice Creek Commons Terms for Final Development Agreement May 2025 Working Draft <br />5 <br />K. Ordinances and Policy Applicability <br /> <br />The developer will comply with all applicable federal, state, and <br />local ordinances. <br /> <br /> <br />Affirmed that federal, state, and local ordinances apply. <br /> <br />Developer has requested an exemption to Ramsey County Prevailing Wage Ordinance No. <br />2013-329 for all residential development on site. An exemption would require an <br />amendment to the ordinance, and it is not clear if there would be political support for an <br />amendment. <br /> <br />L. Conveyance of Property <br /> <br />The property will be conveyed to the developer in tranches. <br />The parties will establish performance metrics, and the JDA will <br />assess performance on these metrics prior to the conveyance <br />of the next tranche. <br /> <br /> <br />Developer has alternated between proposing that the property be conveyed in tranches or <br />in one piece. As of 5/14/25, they have returned to a proposal where the property is <br />conveyed in one piece. <br /> <br />Measuring performance is fundamentally different if the property is conveyed in one piece <br />versus in tranches. Given the current proposal is to convey the property in one piece, the <br />main issues are the right of re-entry, definition of default, assurance of development in <br />accordance with policy goals for development, developer financial capacity to sustain real <br />estate debt and carrying costs through full build-out, and timing of development and <br />revenues to pay city financing costs. <br /> <br />M. Timeline <br /> <br />The parties will work together in earnest to negotiate and sign <br />a Final Development Agreement by the August JDA meeting, <br />scheduled for 8/5/2024. <br /> <br /> <br />Negotiations ongoing. Elements of the Development Agreement are interconnected. <br />Negotiation and evaluation of one element can impact the negotiation and analysis of <br />several other elements. <br /> <br /> <br /> <br />