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Councilmember Buscher said she would like the opportunity to continue discussing those concerns <br />and the reasoning behind them, while also hearing the perspectives of others involved in the <br />project. She indicated that she would like to see the proposal move forward so those conversations <br />can continue. <br /> <br />Councilmember Buscher concluded that she would support moving forward with the process as <br />suggested, noting her trust in Matt and her willingness to continue discussions as the project <br />progresses. <br /> <br />Councilmember Riley stated that he agrees with the explanation regarding the Tax Increment <br />Financing structure. He said the reasoning about the percentage split makes sense, particularly if <br />the City would not have eligible uses for additional increment funds. <br /> <br />Councilmember Riley added that adjusting the duration of the TIF district would be a more <br />reasonable approach. He indicated that negotiating a shorter timeframe would allow the property <br />to return to the full tax rolls sooner, benefiting the City. <br /> <br />City Administrator Hagen added clarification regarding the Tax Increment Financing structure. He <br />explained that changing the percentage split would reduce the annual TIF payment provided to the <br />developer. While the district's duration could remain the same, a smaller annual TIF payment <br />would reduce the developer’s rate of return. <br /> <br />City Administrator Hagen noted that adjusting the percentage split would therefore have a greater <br />financial impact on the project than negotiating a shorter duration for the TIF district. He suggested <br />that negotiating a shorter term would likely be an easier and more practical approach while still <br />allowing the City to receive full tax revenues sooner. <br /> <br />Mayor Heineman asked the City Council if there was consensus to move forward with staff <br />continuing discussions with the developer. He stated that Economic Development Manager <br />Sullivan would follow up with the developer to negotiate the details, particularly regarding the Tax <br />Increment Financing terms. <br /> <br />Mayor Heineman explained that staff would then report back to the City Council with the results <br />of those negotiations for final consideration, including the required public hearing later in the <br />process. <br /> <br />Mr. Fink thanked the City Council for their time, attention, comments, and questions regarding the <br />proposal. He stated that the development team would continue working with Economic <br />Development Manager Sullivan and expressed hope that they would return in the future with an <br />updated proposal. <br /> <br />2.02: Consider Approval of Process for Gap Assistance (Loan) for Anoka Ramsey Athletic <br />Association Facility Project <br /> <br />Economic Development Manager Sullivan provided background on the project's financing <br />structure and explained the current status of funding discussions. He noted that on January 13, <br />City Council Work Session / March 10, 2026 <br />Page 11 of 21 <br />