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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 ii <br />in �� the <br />next <br />Development Manager Sullivan stated that he has outli steps and timeline <br />within the packet, if the EDA is comfortable moving forward,reviewed those. <br />Chairperson Wiyninger stated that it appears that they wo e TIF I et 20 for the assisted <br />and memory care building, but there would be no TIF r the ndependent building. He asked if <br />the buildings would be tied together or whether the developer could move with one <br />building and not the other. <br />Economic Development Manager Sullivan replied that th uld not require construction of the <br />independent living project that as part 16tiis process. He d that the developer would be <br />acquiring this site, and in order to gene e necessary revenu , w uld most likely want to <br />move forward with the independent building in a to the assi emory care building, but <br />that would not be part of a development agr. ent. <br />Motion by Member Hills by Memb- rndahl, to commend to City Council support <br />for the project and ision 4,147,000 TIF, $2,350,000 present value to Trident <br />Development as prqsented. <br />Further discussi n: Member Riley provided additibnal information on the TIF process discussed <br />by the Cou session'he recommended shorter period of time. <br />Member Stewart stated t <br />this will Ilikeat project. <br />A roll call vote <br />e was pleased to hear the report from Ehlers, which confirms that <br />d <br />performe <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 9 <br />