Agenda - Economic Development Authority - 05/14/2026

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Economic Development Authority (EDA) Meeting Date: 05/14/2026 Primary Strategic Plan Initiative: Promote economic growth and development. 4. 1. Title: Consider Recommendation for Tax Increment Financing Assistance for Trident Development Purpose/Background: The purpose of this case is to have the EDA review Tax Increment Financing Application by Trident Development and to provide a formal recommendation on level of Tax Increment financial assistance to the City Council. Background At the March l Oth City Council Work Session, Council consensus generally supported the proposed project at the new location next to the VA. 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 at the March 24, 2026 work session was for a 95/5% split m TIF for 18 years of increment. This proposal is approximately $1.3M dollars less in gross tax increment and 7 years less in TIF District duration previously discussed with the City Council. The TIF request by the Developer was 4.182M (previously 5.54M) with a present value of approximately 2.48M. (previously $2.63M). Staff and Ehlers have drilled down more on the numbers and the Raw TIF will be closer to 4.15M with a present value of 2.35M. At the March 24, 2026 the Council reached consensus in support of the TIF Amount, percentages and duration of TIF district. The next step in the TIF approval process is to obtain a recommendation from the EDA and to start the TIF District creation process. Project Description and Valuation 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