Agenda - Council Work Session - 03/10/2026

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CC Work Session Meeting Date: 2. 1. 03/10/2026 Primary Strategic Plan Initiative: Promote economic growth and development. Information Title: Review Proposed Senior Project by Trident Development and Provide Feedback to Developer Purpose/Background: The purpose of this case is to review a proposed 186 unit senior project proposed by Trident Development and to consider provision of Tax Increment Financing for Memory Care and Assisted Living Buildings in the COR. Project Description and Valuation Trident Development is proposing to build a 2-story 78 unit Senior Assisted Living (AL) building, a 1-story 24 unit Memory Care (MC) building and a 4-story 84 unit Independent Living (IL) building adjacent to the VA Clinic on 6.05 acres in the COR. The proposed project is being built on all of Outlot B (28-32-25-42-0023) and part of Outlot A (28-32-25-42-0022), Ramsey Town Center l2th Addition. The property is owned by Deal Family Holdings LLC. The proposed project is different, and broader than the project proposed by Trident two years ago which included only 14 MC units and 60 AL units and did not include a non-TIF IL building along Sunwood Drive. City Staff provided the Anoka County Assessor project information and the Assessor has provided an estimated assessed valuation and tax information for the proposed project that includes 2 buildings. The County Assessor project a Low, Middle and High valuation estimates for each building based on varying costs based on the quality of materials used to construct the structure and on the level of facade finish illustrated below: Parcel A — 84-unit independent living apartment building sitting on 83,168 sf of land Low - $17,220,000 or $205,000/unit Mid- $19,320,000 or $230,000/unit High - $21,420,000 or $255,000/unit Parcel B — 78-unit assisted living apartment building with a 24-unit dementia care building sitting on 180,540 sf of land Low - $19,890,000 or $195,000/unit Mid - $22,440,000 or $220,000/unit High - $24,990,000 or $245,000/unit For the purposes of this case, Staff is using the Middle estimated assessed valuations for the preliminary TIF and future property tax analysis. Taxes and TIF The parcel is not in TIF 14 district. Trident has requested the creation of a new 25-year Housing Tax Increment District and to retain 90% of the available increment. The estimated annual property taxes for the completed projects are $306,617 for the AL/MC building and $263,986 for the IL building. Currently, the land proposed for the MC/AL project is generating $23,211 in property taxes annually and the IL Land is generating $10,708 in annual property taxes. The Developer is seeking tax increment financing for the MC/AL project only. Under the $22.44M tax assessed valuation scenario for the MC/AL project, it would generate approximately 251K annually and 6.17M in TIF over the 25-year TIF Housing District. Under the 90% (developer) / 10% (City) scenario, this would equate to 225K (Trident) and 25K (City) annually. Staff has put together an attached summary document that provides an estimate of each building, taxes and estimated TIF for discussion purposes.