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<br />Mr. Fink replied that they have done a market study but have not completed an economic impact <br />study. <br /> <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 developer. <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 reviewed those. <br />Chairperson Wiyninger stated that it appears that they would create TIF District 20 for the assisted <br />and memory care building, but there would be no TIF for the independent building. He asked if <br />the buildings would be tied together or whether the developer could move forward with one <br />building and not the other. <br />Economic Development Manager Sullivan replied that they would not require construction of the <br />independent living projectthat as part of this process. He stated that the developer would be <br />acquiring this site,and in order to generate necessary revenue, they would most likely want to <br />move forward with the independent building in addition to the assisted/memory care building, but <br />that would not be part of a development agreement. <br />Motion by Member Hills, seconded by Member Lindahl, to recommend to City Council support <br />for the project and provision of $4,147,000 raw TIF, $2,350,000 present value to Trident <br />Development as presented. <br />Further discussion: Member Riley provided additional information on the TIF process discussed <br />by the Council at work session and the recommended shorter period of time. <br /> <br />Member Stewart stated that she was pleased to hear the report from Ehlers, which confirms that <br />this will be a great 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 /> <br />Motion carried. <br /> <br />Economic Development Authority/ May 14, 2026 <br />Page 3 of 9 <br /> <br />