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Mr. Fink replied that they have done a market study but have not completed an economic impact <br />study. <br />Jason Aarsvold, Ehlers, presented additional information on the underwriting and analysis <br />completed by Ehlers for this request. He stated that without the tax increment assistance, there <br />would be an internal rate of return of 11 percent, and developers like to see that between 13 and <br />16 percent. He stated that with the proposed TIF assistance, they would be just under 13.5 percent; <br />therefore, the requested assistance would not unduly enrich the develo <br />Economic Development Manager Sullivan stated that he has outlined the next steps and timeline <br />within the packet, if the EDA is comfortable moving forward, and revi ed those. <br />Chairperson Wiyninger stated that it appears that they wo <br />and memory care building, but there would be no TI <br />the buildings would be tied together or whether <br />building and not the other. <br />.r the <br />develo <br />reak TIF t <br />ndependent <br />r could move <br />20 for the assisted <br />ng. He asked if <br />with one <br />Economic Development Manager Sullivan replied that th .uld not require construction of the <br />independent living project that as part of this process. He -d that the developer would be <br />acquiring this site, and in order to generate necessary revenu-, would most likely want to <br />move forward with the independent building in addition to the assi emory care building, but <br />that would not be part of a development agrea, ent. <br />Motion by Member Hill •. by Memb- indahl, to commend to City Council support <br />for the project and , ision ',4,147,000 w TIF, $2,350,000 present value to Trident <br />Development as pr <br />Further discussi <br />by the Co <br />Member Riley provided add', onal information on the TIF process discussed <br />rk session and the reco nded shorter period of time. <br />Me tewart stated that she wased to hear the report from Ehlers, which confirms that <br />this wil reat project. <br />A roll call vote was performed: <br />Member Bauer aye <br />Member Johnson aye <br />Member Hills aye <br />Member Lindahl aye <br />Member Riley aye <br />Member Stewart aye <br />Chairperson Wiyninger aye <br />Motion carried. <br />Economic Development Authority/ May 14, 2026 <br />Page 3 of 4 <br />