Agenda - Council Work Session - 03/10/2026

Home

Zoning The proposed development property is currently zoned COR-1 (mixed use core sub -district) which is zoned appropriately for the proposed project. Staff has communicated the design standard for the COR 1 district, which requires the highest level of materials and connectivity to the street. The proposed memory care and assisted living use traditionally does not typically see a lot of mobility outside the building to adjacent businesses by its residents, although visitors will be coming and going to the site on a regular basis which could visit businesses in the COR. However, the 84-unit independent living project proposed along Sunwood Drive will include active seniors that will provide many customers for businesses in the COR. Next Steps - Council Direction In order for the developer to be comfortable moving forward with the project and working on a formal site plan submittal, they will need to know if the City Council is supportive of the following development terms: • Creation of 25 TIF Housing District and the provision of TIF (90%/10% Split) • TIF request is 5.54M with a present value of approximately $2.63M. Roger Fink from Trident Development will be present to answer questions and to add greater detail about his company and proposed project in the COR. Time Frame/Observations/Alternatives: The Developer is hoping to submit a site plan this year and to commence construction shortly after with the provision of TIF. Trident has provided a Demand Assessment for Senior Housing in Ramsey Study which has identified the following demand for 130 Independent Living units, 62 Assisted Living units and 47 Memory Care units by 2030. The raw TIF ask is for 5.54M in raw TIF (present value of 2.63M). The Independent living project will not be in the TIF District. This project will generate approximately 6.61M in gross property taxes over a 27-year period, with 2.64M going directly to the City General Fund. Based on the proforma provided by Trident, the provision of TIF increased the Cash on Cash return from 7.3% to 9.6% by year 5. Cap on cost increases from 7.4% to 8.1%.(See attachments and explanation in TIF Request) If the project proceeds, the City will work with Ehlers to also underwrite the project to ensure the developer is not being unduly enriched by the provision of TIF to ensure the TIF assistance is not unduly enriching the developer. It is anticipated that the project will bring over 40 new jobs to Ramsey with wages ranging from $40,000 to $80,000 a year. The City Council should provide consensus/feedback to the developer on the level of support for the project including the level and duration of TIF and overall support for the project as a whole. Funding Source: Economic Development Director Sullivan Community Development Director Hanson Recommendation: Communication to developer on the level of Council support for the proposed project and willingness to provide assistance, so the developer can make a decision to proceed. or not. Outcome/Action: Communication to developer on the level of Council support for the proposed project and willingness to provide assistance, so the developer can make a decision to proceed. or not. Attachments Site Location Map Site Plan Concept Project Narrative and TIF Request