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BACKGROUND (Assistance Request) <br />PSD LLC experienced an unanticipated hike in project costs; and felt City assistance was needed in order to move <br />the proposed project forward. PSD LLC was confident they could prove a financial gap existed in their pro -forma <br />and was willing to have a third party underwrite their project (Ehlers); including paying the required $7,000 fee. <br />Staff accepted a complete subsidy application from PSD LLC on September 10. <br />The PSD LLC subsidy application was underwritten from two separate perspectives. (1) Financially. Is the PSD <br />LLC reasonable and justifiable? Please see attached MEMO from Ehlers. (2) Qualitatively. How does the proposed <br />PSD LLC request relate to the City's housing assistance policy? Please see attached "Staff Scoring" document and <br />"Staff Notes." <br />EDA Review <br />The EDA originally reviewed this request, in concept, on 09/17. In summary, the EDA was in favor of <br />drafting a TIF Agreement for $500,000 of pay -go assistance to PSD LLC. The EDA vote was 4-0-1-2 (in <br />favor, opposed, abstained, absent). Attached are minutes. <br />The EDA reviewed this request again on 10/08; at which time they reviewed the attached TIF Agreement. In <br />summary, the EDA was in favor of recommending the City Council approve the attached TIF Agreement. <br />The EDA vote was 5-0-0-2 (in favor, opposed, abstained, absent). Do to timing, EDA minutes for said EDA <br />case are not attached. Staff will send in a follow up email. <br />Council Review <br />The City Council originally reviewed this request, in concept, on 09/22. In summary, they were in favor of <br />drafting a TIF Agreement for $500,000 of pay -go assistance to PSD LLC. The Council vote was 5-1-0-1 (in <br />favor, opposed, abstained, absent). Attached are minutes. <br />Notification: <br />NA <br />Observations/Alternatives: <br />The attached TIF agreement was drafted by Ehlers and Briggs & Morgan. This agreement has been reviewed by <br />PSD LLC. <br />Funding Source: <br />Subsidy Application, PSD LLC <br />Assistance, TIF District #14 <br />Recommendation: <br />Please see background section of this case, "Assistance Request Section." Also, please see attached Ehlers MEMO, <br />Staff MEMO, and Staff Notes. <br />Action: <br />Motion to: <br />Adopt Resolution #15-10-261; authorizing execution of the attached tax increment financing agreement between the <br />City of Ramsey and Parkview East LLC. <br />Attachments <br />TIF Agreement 10082015 <br />TIF Agreement Term Sheet <br />RESOLUTION 15 10 261 AUTHORIZING EXECUTION OF A TIF AGREEMENT <br />PSD LLC Request Letter <br />PSD LLC Housing Subsidy Application <br />