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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,4d relit ed those. <br />Chairperson Wiyninger stated that it appears that they would create TIF t <br />and memory care building, but there would be no TI or the "independent <br />the buildings would be tied together or whether - develo -r could move <br />building and not the other. <br />Economic Development Manager Sullivan replied that th <br />independent living project that as part his process. He <br />acquiring this site, and in order to generate necessary revenu-, <br />move forward with the independent building in addition to the assi <br />that would not be part of a development agre- ent. <br />20 for the assisted <br />ng. He asked if <br />with one <br />uld not require construction of the <br />d that the developer would be <br />would most likely want to <br />emory care building, but <br />Motion by Member Hills . by Memb- indahl, tocommend to City Council support <br />for the project and p °. ision ',4,147,000 TIF, $2,350,000 present value to Trident <br />Development as presented. <br />Further discussion Memb <br />by the Co <br />Member Stewart stated t <br />this will beeat project. <br />A roll call vote was perform <br />Member Bauer <br />Member Johnson <br />Member Hills <br />Member Lindahl <br />Member Riley <br />Member Stewart <br />Chairperson Wiyninger <br />Motion carried. <br />rovided add' <br />the reco <br />nal information on the TIF process discussed <br />nded shorter period of time. <br />ed to hear the report from Ehlers, which confirms that <br />aye <br />aye <br />aye <br />aye <br />aye <br />aye <br />aye <br />Economic Development Authority/ May 14, 2026 <br />Page 3 of 4 <br />