Agenda - Council Work Session - 03/24/2026

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2. 1. CC Work Session Meeting Date: 03/24/2026 Primary Strategic Plan Initiative: Promote economic growth and development. Information Title: Review Senior Project TIF Financing Request by Trident Development and Provide Feedback to Developer Purpose/Background: The purpose of this case is to review a revised request for TIF Financing by Trident Development for a proposed 186-unit senior project for Memory Care and Assisted Living Buildings in the COR. New Information / Council Consideration At the March loth City Council Work Session, Council consensus generally supported the proposed project at the new location. In addition to general project support, council consensus was for Staff to negotiate a lesser TIF amount and potentially a shorter duration to a proposed new TIF Housing District. Staff has negotiated a deal with Trident Development which reduces both the amount of TIF and the duration of the TIF district. The proposal presented to the Council is for a 95/5% split in TIF for 18 years of increment. This proposal is $1,357,766 dollars less in gross tax increment and 7 years less in TIF District duration. As previously mentioned in the past work session, Staff is supportive of a reduced City percentage in TIF as the City has no planned eligible TIF expenses, aside from administration, on or adjacent to the proposed TIF District boundary which can be funded by the 5% proposed. This proposal increases the rate of return for the developer slightly during T1F payments, but the duration of the subsidy is reduced by 7 years, which gets the real estate back on the full tax rolls sooner for the benefit of the community. Project Description and Valuation (previously provided March 10, 2026 - No changes) 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 12th 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