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4.01: Affinity Apartment Project: Resolution #18-061 Approving a TIF Agreement <br />Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br />Chairperson Steffen asked if the agreement has changed since the EDA last reviewed the MOU. <br />Economic Dev. Mgr/Assistant City Administrator Brama replied that the general agreement <br />remains consistent although this version contains much more detail. <br />Jason Aarsvold, Ehlers, Inc., stated that the agreement does mirror the MOU. He noted that <br />there has been a customary cost -share of the infrastructure. He stated that the method that would <br />work best for the City is for CAP Acquisitions to complete the improvements fully as part of <br />their project and noted that the City will redirect TIF funds generated by the building to pay back <br />the note for infrastructure over seven to eight years. He stated that there will be no other <br />obligation to the City and the City is only obligated to make payments on the note, as the funds <br />are available through the TIF generated by the project itself. <br />Chairperson Steffen asked if the pay as you go note would represent the City's 80 percent cost - <br />share. <br />Mr. Aarsvold confirmed that is based off the cost -share percentages in the MOU. <br />Member Riley stated that this is really about installing the infrastructure and therefore the City is <br />not paying for the project. He stated that the TIF will be used for the installation of <br />infrastructure and therefore this would be an appropriate use. <br />Motion by Chairperson Steffen, seconded by Member Hardin, to recommend to City Council to <br />Adopt Resolution #18-061 Approving a TIF Agreement with CAP Acquisitions LLC. <br />Motion carried. Voting Yes: Chairperson Steffen, Members Hardin, Burandt, Kanaventi, <br />LeTourneau, and Riley. Voting No: None. Absent: None. <br />4.02: Affinity Apartment Project: Multiple Actions <br />Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br />Chairperson Steffen asked and received confirmation on the completion date. <br />Motion by Member Hardin, seconded by Member Kanaventi, to recommend to City Council to <br />Approve the Amendment #1 to the Purchase Agreement between the City of Ramsey and CAP <br />Acquisitions LLC, Approve the Right -of -Re -Entry Agreement between the City of Ramsey and <br />CAP Acquisitions LLC for a 174 Unit Senior Living Apartment Complex, and Approve <br />Resolution #18-060 Authorizing the Sale of 3.36 Acres of City Owned Land. <br />Economic Development Authority/April 12, 2018 <br />Page 2 of 8 <br />