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Attached to this case are a number of observation documents. <br />The PSD LLC application was underwritten from two separate perspectives. (1) Financially. Is the PSD LLC <br />reasonable and justifiable? Please see attached MEMO from Ehlers. (2) Qualitatively. How does the proposed PSD <br />LLC request relate to the City's housing assistance policy? Please see attached "Staff Scoring" document. <br />The attached "Staff Notes" document provides a mix of qualitative and financial perspectives on the PSD LLC <br />request. <br />Staff Notes (attached): <br />(1) Can PSD LLC justify a financing gap actually exists? <br />(2) Is this request reasonable in comparison to other projects in the TC Metro? <br />(3) Financially, does this request make sense for the City of Ramsey? <br />(4) Does the City have reasonable funding source available for the requested assistance? <br />(5) How does this compare to the City's Housing Assistance Policy? <br />(6) Outside of question #3, how does this project help the City of Ramsey? <br />(7) What happens if this project doesn't move forward now? <br />(8) Why wouldn't the City consider the assistance request? <br />(9) What amenities does this project include? <br />(10) Why not tell PSD LLC to simply add more equity to the project to fill the gap? <br />(11) How does the timing of this request work with construction/government regulations? <br />Funding Source: <br />Subsidy Application, PSD LLC <br />Assistance, TIF District #14 <br />Recommendation: <br />Please see observations section for Staff comments (and attached "Staff Notes" document). <br />The EDA reviewed this case on 09/17. In summary, they were in favor of drafting a TIF Agreement for $500,000 <br />of pay -go assistance to PSD LLC. <br />Action: <br />Motion to (direct or do not direct) staff to draft a TIF Agreement with PSD LLC for $500,000 subsidy. <br />Attachments <br />PSD LLC Request Letter <br />PSD LLC Housing Subsidy Application <br />Staff Notes <br />Ehlers MEMO <br />Staff Scoring of PSD LLC Housing Subsidy Application <br />Layout and Visuals <br />Funding Source (Why TIF) <br />EDA Meeting Minutes DRAFT 09172015 <br />Form Review <br />Inbox Reviewed By Date <br />Tim Gladhill Tim Gladhill 09/17/2015 03:09 PM <br />Kurt Ulrich Jo Thieling 09/17/2015 03:10 PM <br />Form Started By: Patrick Brama Started On: 09/02/2015 11:25 AM <br />