Agenda - Economic Development Authority - 07/13/2023

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Preliminary Term Sheet This Term Sheet, dated as of , 2023, is intended to set forth the general terms upon which the Developer (as defined below) and the City of Ramsey, Minnesota (the "City") may be willing to enter into a Tax Increment Financing Agreement (the "TIF Agreement"). 1. Developer: Presbyterian Homes Housing and Assisted Living, Inc., a Minnesota non-profit corporation (or a limited partnership or other entity to be formed thereby or affiliated therewith) 2. Property: A portion of a parcel of land located a 14501 Nowthen Blvd. in Ramsey, Minnesota identified as property number 25-35-25-24-0059, subject to a final plat of the Property. 3. Developer Conditions, as determined to date: a. Execution of TIF Agreement b. Secure necessary financing for the construction of the Minimum Improvements c. Site Control 4. City Conditions, as determined to date: a. Establishment of a new Housing TIF District subject to approval after all proceedings as required by law b. City approval of Construction Plans c. City Council approval of Planning Application d. Execution of a TIF Agreement 5. Minimum Improvements: Improvements to the Property will include two phases. Phase 1 will include the construction and equipping of a multi -story, approximately 280-unit general occupancy apartment with at least 20% of the units occupied or held for occupancy by persons and families whose incomes do not exceed 50% of area median income, and underground and surface parking stalls. Phase 2 will include the construction and equipping of a multi -story, approximately 160- unit senior (62+) apartment and 20 (62+) rental park homes and with at least 20% of the units occupied or held for occupancy by persons and families whose incomes do not exceed 50% of area median income, and underground and surface parking stalls. 6. Construction Schedule: Commence construction on Phase 1 by June 1, 2024 with substantial completion of construction by December 31, 2025. Commence construction on Phase 2 by June 1, 2025 with substantial completion of construction by December 31, 2026. For the purpose hereof, "Commence" shall mean beginning of physical improvement to the Property, including grading, excavation, or other physical site preparation work; and "Complete" shall mean that the Minimum Improvements are sufficiently complete for the issuance of a Certificate of Occupancy. Upon Completion the City will issue, if requested by the Developer, a "Certificate of Completion" in recordable form. 7 Public Assistance: Subject to all terms and conditions of the TIF Agreement and satisfaction of the requirements of applicable law including a final "but for" analysis, the City will reimburse the Developer for costs of construction of the Minimum Improvements as follows: