Agenda - Council - 05/08/2018 - Laserfiche WebLink

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LLC, subject to final review and amendments by the City Attorney; approve the Right -of -Re - Entry Agreement between the City of Ramsey and CAP Acquisitions LLC for a 174 unit senior living apartment complex, subject to the final review and amendments by the City Attorney; and Adopt Resolution #18-060 Authorizing the City of Ramsey to Sell 3.36 Acres of Real Property. Motion carried. Voting Yes: Mayor Strommen, Councilmembers Riley, LeTourneau, Johns, Kuzma, and Shryock. Voting No: None. 7.04: Affinity Apartment Project: Resolution #18-061 Approving a TIF Agreement Asst. City Administrator/Economic Development Manager Brama reviewed the staff report and noted that the proposed action is generally consistent with the previously approved MOU and PA. He stated that the TIF Agreement has been reviewed by the City's Real Estate Attorney Briggs and Morgan and Ehlers. He stated that the EDA reviewed the case on April 12th and recommended unanimously that the City Council approve. Councilmember Riley stated that in this case, TIF will put infrastructure into the ground that will facilitate additional development and, therefore, will be a good use of TIF. Councilmember Kuzma asked the developer to come forward. Keith James, developer, stated that they are on track to close on the land in mid -June and then start construction soon thereafter on the project. He stated that from an outsider's perspective, his first contact with staff was June 2017, and so to say that they can begin construction within 12 months is a great accomplishment. He expressed thanks to the staff and City Council. Mayor Strommen acknowledged that it takes two parties to make a process go smoothly and thanked the developer for his participation as well. Councilmember Kuzma stated that this will be a great project that he is looking forward to. Jason Aarsvold, Ehlers, summarized his memorandum which memorializes the statements that staff just reviewed. He stated that this contemplates the developer's willingness to install all the infrastructure and receive payment back for the City's portion of the cost -share over time through TIF. Councilmember LeTourneau thanked Mr. Aarsvold for the explanation, noting that this is the best of the available choices. He expressed appreciation for this project coming forward and moving at a rapid pace. He stated that this project addresses the need for 55+ housing and more diversity in the available housing stock. Motion by Councilmember LeTourneau, seconded by Councilmember Johns, to Adopt Resolution #18-061 Authorizing Execution of a Tax Increment Financing Agreement. Motion carried. Voting Yes: Mayor Strommen, Councilmembers LeTourneau, Johns, Kuzma, Riley, and Shryock. Voting No: None. City Council / April 24, 2018 Page 6 of 11