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07/13/23
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07/13/23
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11/6/2023 3:07:29 PM
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Preliminary Term Sheet <br /> <br />This Term Sheet, dated as of __________, 2023, is intended to set forth the general terms upon <br />which the Developer (as defined below) and the City of RamseyCity <br />willing to enter into a Tax Increment Financing Agreement TIF <br /> <br />1. Developer: Presbyterian Homes Housing and Assisted Living, Inc., a Minnesota non-profit <br />corporation (or a limited partnership or other entity to be formed thereby or affiliated <br />therewith) <br /> <br />2. Property: A portion of a parcel of land located a 14501 Nowthen Blvd. in Ramsey, <br />Minnesota identified as property number 25-35-25-24-0059, subject to a final plat of the <br />Property. <br /> <br />3. Developer Conditions, as determined to date: <br />a. Execution of TIF Agreement <br />b. Secure necessary financing for the construction of the Minimum Improvements <br />c. Site Control <br /> <br />4. City Conditions, as determined to date: <br />a. Establishment of a new Housing TIF District subject to approval after all <br />proceedings as required by law <br />b. City approval of Construction Plans <br />c. City Council approval of Planning Application <br />d. Execution of a TIF Agreement <br /> <br />5. Minimum Improvements: Improvements to the Property will include two phases. Phase <br />1 will include the construction and equipping of a multi-story, approximately 280-unit <br />general occupancy apartment with at least 20% of the units occupied or held for <br />occupancy by persons and families whose incomes do not exceed 50% of area median <br />income, and underground and surface parking stalls. <br /> <br /> Phase 2 will include the construction and equipping of a multi-story, approximately 160- <br />unit senior (62+) apartment and 20 (62+) rental park homes and with at least 20% of the <br />units occupied or held for occupancy by persons and families whose incomes do not <br />exceed 50% of area median income, and underground and surface parking stalls. <br /> <br />6. Construction Schedule: Commence construction on Phase 1 by June 1, 2024 with <br />substantial completion of construction by December 31, 2025. Commence construction <br />on Phase 2 by June 1, 2025 with substantial completion of construction by December 31, <br />2026. <br />improvement to the Property, including grading, excavation, or other physical site <br />ments are <br />sufficiently complete for the issuance of a Certificate of Occupancy. Upon Completion the <br />City <br />form. <br /> <br />7. Public Assistance: Subject to all terms and conditions of the TIF Agreement and <br />City will reimburse the Developer for costs of construction of the Minimum Improvements <br />as follows: <br />
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