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REDA Meeting Minutes — Tuesday, May 8, 2017 Page 3 15th, allowing additional time if the REDA was unwilling to adopt a resolution of support at tonight's meeting. Member Willmus asked if the public funding portions from the city had been addressed yet, including whether park dedication had been addressed. Ms. Kelsey invited the development team to respond to that question. Developer Representatives" Jamie Thelen, President/CEO of Sands Company and Derek Metz, Senior VP — Originations, WNC, Roseville Mr. Thelen provided several updates since the last REDA meeting, including the HOME application requesting funds from the Ramsey County HRA in the amount of $100,000 scheduled for consideration and award if approved on May 9, 2017. Specific to the Metropolitan Council project concept plan application, Mr. Thelen reported that additional solar had been proposed for the project, allowing solar for all carports, which remained flexible depending on the funding, estimating 50% to 60% costs for that improvement. In response to Member Etten's request for information on which sections the developer met in the city's public financing criteria and business subsidy policy, Mr. Thelen referenced additional narratives in tonight's meeting packet describing each and the number of criteria met in each section (Attachment B). In response to Member McGehee's concerns raised at the last REDA meeting regarding affordable and market rate units in two different buildings rather than co -mingled, Mr. Thelen provided comparisons and increased costs, as well as implications for financing partners and their philosophy for integrating the units. Mr. Thelen advised that at this point in the concept plans, the affordable units were proposed at 60 units or 29% of the project. Mr. Thelen noted that cross parking and cross maintenance agreements as well as license agreements for use of common amenities by both market rate and affordable units would be recorded for perpetuity with Ramsey County. Specific to the requested public funding (tax increment financing), with cost projections based on a long-term (30 year) affordability period, Mr. Thelen noted that they were only seeking a period of approximately five years for that funding. Specific to the park dedication as requested by Member Willmus, Mr. Thelen revised the potential fee for the development at $836,000, or $4,000 per unit. Also, if the project was one building, Mr. Thelen noted there would be no need to replat the property, therefore not kicking in the park dedication fee in that case.