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approximately 4.77M in gross property taxes over a 20-year period, with 1.9M going directly to the City General <br />Fund. Based on the proforma provided by Trident, the provision of TIF increased the Cash on Cash return from <br />7.3% to 9.7% by year 5 (up from 9.6%). Cap on cost increases from 7.4% to 8.1% (no change).(See attachments <br />and explanation in T1F Request) If the project proceeds, the City will work with Ehlers to also underwrite the <br />project to ensure the TIF assistance is not unduly enriching the developer. It is anticipated that the project will <br />bring over 40 new jobs to Ramsey with wages ranging from $40,000 to $80,000 a year. The City Council should <br />provide consensus/feedback to the developer on the level of support for the project including the level and <br />duration of TIF and overall support for the project as a whole. <br />Alternatives for Consensus Include: <br />1) Provide Consensus supporting the project and providing TIF at the level requested by the developer; subject to <br />underwriting by Ehlers <br />3) Provide Consensus supporting the project and providing TIF (Insert New Number/terms) to the <br />developer; subject to underwriting by Ehlers <br />3) Provide Consensus to Developer to not financially participate in the project. <br />4) Something else <br />Funding Source: <br />Newly Created TIF Housing District revenue, TIF Application Fee $4,000 and Developer Project Escrow up to <br />$10,000. <br />Recommendation: <br />Communication to developer on the level of Council support for the proposed project and willingness to provide <br />assistance, so the developer can make a decision to proceed with a formal TIF Application, or not. <br />Outcome/Action: <br />Communication to developer on the level of Council support for the proposed project and willingness to <br />provide assistance, so the developer can make a decision to proceed with a formal TIF Application, or <br />not. <br />Attachments <br />Site Location Map <br />Site Plan Layout <br />Project Narrative and TIF request <br />Rate of Return Projections wo TIF 18 years <br />Rate of Return with TIF 18 years 95 5 <br />Tax Summary and TIF Projections <br />REFERENCE - Senior Housing Demand Study <br />REFERENCE - Trident Proforma without TIF (25 year) <br />REFERENCE - Trident Proforma with TIF (25 year) <br />REFERENCE - Project Narrative and Previous Request <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 03/19/2026 02:50 PM <br />Form Started By: Sean Sullivan Started On: 03/17/2026 01:19 PM <br />Final Approval Date: 03/19/2026 <br />