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Our Mallon: To *Dill togiethet to cespoilbfy grow our community(, end to provide quality, cost-effective, and efficient government services_ <br />CC Regular Session 7. 7. <br />Meeting Date: 08/06/2018 <br />By: Tim Gladhill, Community Development <br />Information <br />Title: <br />Adopt Resolution #18-170 Approving Assessment Agreement with Affinity at Ramsey, LLC <br />Purpose/Background: <br />The purpose of this case is to adopt a resolution approving the Assessment Agreement with Affinity at Ramsey, <br />LLC for the upcoming Affinity at Ramsey Senior Housing Project. The Agreement was previously approved as <br />Appendix D to the Tax Increment Financing Agreement. The Anoka County Property Records Department has <br />instructed the City to adopt a resolution specifically calling out this separate agreement for approval for signature. <br />This is the final piece required in order to close on the real estate transaction and allow construction to commence. <br />Notification: <br />Notification is not required. <br />Observations/Alternatives: <br />Affinity at Ramsey is a 175 unit market rate senior apartment building previously approved by the City Council. <br />Staff did not anticipate that a separate resolution was to be required for closing since it was covered in the Tax <br />Increment Financing Agreement. <br />Affinity at Ramsey, LLC, the development entity of the Inland Group for the Ramsey project, is constructing any <br />paying for the public infrastructure surrounding their project, and being reimbursed for the City's share as property <br />owner of the surrounding area through a Tax Increment Financing District. A portion of this agreement is an <br />Assessment Agreement that outlines how Affinity at Ramsey will be reimbursed and establishes a Minimum <br />Assessment Agreement to ensure that sufficient increment is generated by the district to fund the reimbursement. <br />Funding Source: <br />This case is being handled as part of normal Staff duties. Affinity of Ramsey is being reimbursed through a Tax <br />Increment Financing District through dollars generated in TIF District #14 (The COR). <br />Recommendation: <br />Staff recommends approval of the Assessment Agreement for signature. <br />Action: <br />Motion to adopt Resolution #18-170 approving the Assessment Agreement with Affinity at Ramsey, LLC as a <br />separate document for recording. <br />Attachments <br />