Agenda - Council - 05/26/2026 - Laserfiche WebLink

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will also be receiving a $10,000 escrow to help finance the legal and financial work by Ehlers and TAFT Law. The TIF application is geared more toward industrial users, but this project does score a 31 which is considered a moderate to high score. It is anticipated that the combined project (AL,IL and MC) will bring over 40 new jobs to Ramsey with wages ranging from $40,000 to $80,000 a year. The two projects AL/MC/1L are estimated to generate a combined $570.603 in annual property taxes. Ehlers Analysis Memo Summary for MC/AL • 102 residential units - 20% at 50% Area Median Income (AMI) • 32M in Development Costs - $316,667 / unit (AL/MC only) (300-350K - Market) • Developer providing 30% equity 70% financed (traditional/TIF) • Rent verification will need to be provided by Trident annually • Land cost $1,715,130 (16,815/unit) (12-20K - Market) • Developer Fee 3.1% (3-5% - Market) • IRR in year 10 is 13.48% (13-16% - market -risk) In summary, the Ehlers memo, and its third -party analysis, concludes that all the metrics are within industry market standards and that the assistance is not unduly enriching the developer. This project will require the creation of a Housing District and is not subject to Business Subsidy law and a public hearing. This was discussed in great detail at the EDA meeting on May l4th Although the IL portion of the project is not included in the TIF request it is worth noting that this phase of the project will generate approximately 4.75M in gross property taxes over a 20-year period, with 1.9M going directly to the City General Fund. Alternatives : 1) Adopt Resolution #26-131 Calling for a Public Hearing by the City Council on the Proposed Adoption of a Modification to the Development Program for Development District No. 1 and Establishment of Tax Increment Financing District No. 20 (Trident) Within Development District No. 1 and Approving the Tax Increment Financing Plan Therefor (as presented); Subject to Bond Attorney review 2) Adopt Resolution #26-131 Calling for a Public Hearing by the City Council on the Proposed Adoption of a Modification to the Development Program for Development District No. 1 and Establishment of Tax Increment Financing District No. 20 (Trident) Within Development District No. 1 and Approving the Tax Increment Financing Plan Therefor (with changes); subject to Bond Attorney review 3) Something else Funding Source: Tax Increment Financing District 20 (Needs to be created) $4,000 TIF application fee by Trident $10,000 Legal Escrow by Trident Recommendation: Staff recommendation is to Adopt Resolution #26-131 Calling for a Public Hearing by the City Council on the Proposed Adoption of a Modification to the Development Program for Development District No. 1 and Establishment of Tax Increment Financing District No. 20 (Trident) Within Development District No. 1 and Approving the Tax Increment Financing Plan Therefor. At the May 14, 2026 the EDA adopted a Motion by Member Hills, seconded by Member Lindahl, to recommend to City Council support for the project and provision of $4,147,000 raw TIF, $2,350,000 present value to Trident Development. A copy of the Draft EDA minutes are attached for review. Outcome/Action: