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ARDEN HILLS CITY COUNCIL — JUNE 9, 2025 3 also have to follow this standard. She stated she read through the Ryan Companies memo and commented there were many reasons for the proposed ceilings heights, which was to encourage the development did not turn into an industrial park. Mayor Grant stated the Term Sheet that has been referred to was more like a checklist. He explained at the last JDA meeting that the County discussed the Term Sheet and he believed it was very informative. He then reviewed the Term Sheet in further detail with the City Council. He commented on how many of the terms within the Term Sheet have not been evaluated or discussed at length with the JDA or the City Council, such as the different types of housing and affordable housing. In addition, he noted the developer has raised concerns about connecting to district energy as well as finding single family developers that will build electric homes. He commented there was also a concern about the relocation of Building 116. He indicated there were many items on the Term Sheet list that have yet to be listed or addressed by the developer. He stated the JDA would have to make a decision if they want to go forward with Alatus by approving an extension as the deadline within the Term Sheet is June 30, 2025. He thanked Bob Lux with Alatus for recognizing all the good work that has been done to date. He indicated his comments were not to be disparaging, but rather he wanted to put the information out there and to describe all of the work that has yet to be done. He thanked the members of the JDA for their efforts on behalf of the City, noting he understood this project was challenging and complex. Councilmember Monson stated she asked the JDA staff to read through the Term Sheet at the last meeting, in case the public wanted to review that meeting and hear the comments and questions that ensued after the document was reviewed. Mayor Grant thanked Councilmember Monson for making this request. He commented he worked on establishing the joint partnership with the County and the TRC document, which was the foundation for this development. He stated he wanted to see the TCAAP development move forward and noted he was pro -development. 3. PUBLIC INQUIRIESANFORMATIONAL None. 4. RESPONSE TO PUBLIC INQUIRIES None. 5. PUBLIC PRESENTATIONS A. 2024 Financial Statements Aaron Nielsen, LB Carlson, presented the Council with information on the 2024 financial statements and audit. He was pleased to report the City received a clean or unmodified opinion which was the best opinion an auditor was able to offer. He commented on the City's governmental funds and how they had adjusted over the past two years. He provided a summary of the City's general fund and enterprise funds financial position. He reviewed the revenues and expenditures for the previous year and commended the City on its strong financial position. He commented further on the 2024 audit and explained he was available for comments or questions.