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REDA Meeting Minutes—Tuesday,June 5,2017 Page 4 President Roe clarified tonight's action, with the request for REDA support of Sands Company proceeding with the TIF process, conditional upon their approval of other funding sources. Mr. Trudgeon concurred, advising that there would be no need to create a TIF district if the developer was unable to obtain other funding; and therefore there would be no need to start that process until more was known. At the request of President Roe, Mr. Trudgeon referred to Attachment F showing the various funding sources; and advised that the first time any further action would occur before the REDA would be in December of 2017 (LCDA funding); and anticipated it would be 2018 before the actual development process would begin. President Roe noted that those future discussions would include the land use issue in subdividing the property and ultimate negotiation and approval of developer agreements between the REDA and developer. Mr. Trudgeon concurred, noting that he anticipated that could be tied in one package with the TIF process. Regarding next steps, Member Laliberte noted that all funding from external entities should be known by the end of 2017; with subsequent project development, including open houses and the public process and traffic studies would happen after those approvals are granted. Mr. Trudgeon asked the developer to respond, noting the limited utility moving forward in design until the project's certainty is known; and anticipated there may be some open houses held later this fall or early winter, while other things could be happening in the background. Developer Representative Jamie Thelen, President/CEO of Sands Company Mr. Thelen advised once the June 2017 applications are submitted, they may begin some pre-planning (e.g. site surveying, tree survey, etc.) but nothing major pending other city approval processes and funding confirmations from the state and other agencies in October of 2017. Mr. Thelen advised that the preliminary submission to the Metropolitan Council had already resulted in their suggestion to flip the buildings on the site. Otherwise, Mr. Thelen advised that Mr. Trudgeon's projected timetable was accurate. President Roe asked Mr. Thelen if funding sources did not come through and it looked as if no affordable portion of the project was feasible, would the developer consider the make-up of the project to involve only market-rate rentals only.