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<br />Mr. Fink noted that residents who first move into independent living areas become familiar with <br />the location, staff, and management company, which helps make the transition to assisted living <br />easier if their needs change. In some cases, residents from the independent living building may <br />also receive priority placement in the assisted living units if availability becomes limited. <br /> <br />Andy Brummer reviewed findings from the market study supporting the proposed senior housing <br />development. He explained that the study focused primarily on assisted living and memory care <br />facilities because Ramsey currently does not have a continuum-of-care campus that includes <br />independent living, assisted living, and memory care together. The study identified Stoney River <br />and Suite Living as the primary competitors, with a combined total of 207 assisted living and <br />memory care units. Brummer noted that the market analysis also examined a broader regional area <br />beyond Ramsey, including surrounding communities such as Nowthen and other nearby locations. <br />The study showed limited competition within the primary market area. <br /> <br />Mr. Brummer explained that according to the market study’s projections, demand by 2030 is <br />expected to support approximately 130 independent living units, 62 assisted living units, and 47 <br />memory care units in the market area. These estimates were calculated using demographic data, <br />particularly projected growth in the population aged 75 to 85, along with projected capture rates <br />for senior housing demand. <br /> <br />Mr. Fink explained the financial considerations involved in developing the proposed senior <br />housing project and why the developer is requesting tax increment financing (TIF). He stated that <br />projects of this scale require outside investment capital, and investors expect competitive rates of <br />return due to the risks associated with senior housing developments. These risks can include <br />economic conditions, regulatory changes, and unforeseen events such as public health crises. He <br />noted that without TIF assistance, the projected returns may not be sufficient to attract the <br />necessary investment. <br /> <br />Mr. Fink explained that TIF improves the project's financial feasibility by enhancing the potential <br />rate of return, making it more attractive to investors, and enabling the development to move <br />forward. He also presented examples of similar projects developed by Trident to demonstrate the <br />type and quality of buildings proposed for Ramsey. One example was a recently completed assisted <br />living project in Willmar, Minnesota, which closely reflects the design proposed for this project. <br /> <br />Mr. Fink explained that the assisted living and memory care buildings would likely be constructed <br />as two-story wood-frame structures, a cost-effective method that meets building code <br />requirements. He noted that constructing taller buildings would require noncombustible materials <br />such as steel and concrete, significantly increasing construction costs. As a result, the assisted <br />living portion is proposed as a two-story building. In contrast, the independent living building <br />along Sunwood Drive would be a four-story structure with underground parking. <br /> <br />Mr. Fink also noted that the development team plans to work with the same architect and contractor <br />who have completed other projects in Ramsey, including Skyline and Sapphire Apartments. He <br />referenced additional developments built by the team, such as Urbana Place in Brooklyn Park. <br /> <br />City Council Work Session / March 10, 2026 <br />Page 3 of 21 <br />