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• 102 residential units - 20% at 50% Area Median Income (AMI) <br />• 32M in Development Costs - $316,667 / unit (AL/MC only) (300-350K - Market) <br />• Developer providing 30% equity 70% financed (traditional/TIF) <br />• Rent verification will need to be provided by Trident annually <br />• Land cost $1,715,130 (16,815/unit) (12-20K - Market) <br />• Developer Fee 3.1% (3-5% - Market) <br />• IRR in year 10 is 13.48% (13-16% - market -risk) <br />In summary, the Ehlers memo, and its third -party analysis, concludes that all the metrics are within industry <br />market standards and that the assistance is not unduly enriching the developer. This project will require the <br />creation of a Housing District and is not subject to Business Subsidy law and a public hearing. Jason Aarsvold <br />from Ehlers will be present to provide a summary of the memo and to answer questions. <br />Although the IL portion of the project is not included in the TIF request it is worth noting that this phase of the <br />project will generate approximately 4.75M in gross property taxes over a 20-year period, with 1.9M going directly <br />to the City General Fund. <br />Alternatives <br />1) Recommendation from EDA to City Council supporting the project and providing 4.147M raw TIF, 2.35M <br />present value to Trident Development (as presented) <br />2) Recommendation from EDA to City Council supporting the project and providing 4.147M raw TIF, 2.35M <br />present value to Trident Development (with changes) <br />3) Something else <br />Funding Source: <br />Tax Increment Financing District 20 (Needs to be created) <br />$4,000 TIF application fee by Trident <br />$10,000 Legal Escrow by Trident <br />Recommendation: <br />Recommendation from EDA to City Council supporting the project and providing 4.147M raw TIF, 2.35M <br />present value to Trident Development (as presented) <br />Outcome/Action: <br />Motion to recommend to City Council support for the project and provision of 4.147M raw TIF, 2.35M present <br />value to Trident Development (as presented) <br />Site Location Map <br />Scored TIF Application - Trident <br />Ehlers's Memo - Trident <br />TIF Run and Base Value Analysis <br />Draft TIF District Creation Schedule <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 05/07/2026 04:11 PM <br />Form Started By: Sean Sullivan Started On: 04/28/2026 02:19 PM <br />Final Approval Date: 05/07/2026 <br />