Laserfiche WebLink
rR <br />DEN <br />1200 25' Avenue South• St. Cloud, MN 56301 <br />Phone:320.258.4438 • 320.252.3603 <br />REVISED March 18, 2026 <br />Mr. Sean Sullivan <br />Economic Development Manager <br />City of Ramsey <br />7550 Sunwood Dr. NW <br />Ramsey, MN 55303 <br />VIA E-MAIL SSullivan'rucit‘oframse .com <br />RE: REQUEST FOR FINANCIAL ASSISTANCE — TAX INCREMENT FINANCING <br />PROPOSED SENIOR LIVING COMMUNITY <br />ANOKA COUNTY PARCELS 28-32-25-42-0022 and 28-32-25-42-0023 <br />RAMSEY, MINNESOTA <br />Dear Mr. Sullivan, <br />Trident Development, LLC (Trident) is pleased to present this request for Tax Increment Financing (TIF) for a <br />proposed 102-unit senior assisted living facility to be located near the Southwest corner of Rhinestone Street NW and <br />Sunwood Drive, east of the Northwest Metro VA clinic in Ramsey, Minnesota. <br />REQUEST FOR TAX INCREMENT FINANCING (TIF1: <br />Trident requests consideration for tax increment financing creating an 18-year, 95% Pay -Go housing tax <br />increment district. Based on estimates from the Anoka County Assessor, the total gross increment payments over the life <br />of the district would be approximately $4,182,439, which equates to $2,481,545 in today's dollars. Several factors are <br />causing the need for financial assistance for this development. <br />• High Cost of Construction — inflation has greatly impacted the cost of new construction, both in materials and <br />labor. <br />• COR Exterior Design Standards — the location of the subject property demands attractive, high quality exterior <br />elements to compliment the high standards of the COR district. This creates additional costs to the development. <br />• City Development Fees — The City of Ramsey has adopted various development -related fees (ie park dedication, <br />trail development, utility connection fees, etc) which increases the cost of new development. <br />• Loss of Rental Revenue — Ri, which diminishes the potential revenue and reduces the return on investment. <br />NOTE: The TIF plan anticipates 20% of the dwelling units to households whose income is 50% or less of the area median <br />income (AMI). <br />Page 1 of 4 <br />