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FREERS <br />MEMORANDUM <br />TO: Sean Sullivan, City of Ramsey <br />FROM: Jason Aarsvold, Ehlers <br />DATE: May 6, 2026 <br />SUBJECT: Financial Review — Trident Development <br />As we understand, the City of Ramsey (the "City") is considering Tax Increment Financing ("TIF") <br />assistance for Trident Development (the "Developer") to construct a 102-unit, mixed -income <br />development with assisted -living and memory care components (the "Project"). The proposed amount <br />of TIF assistance under consideration is approximately $4.15 million ($2.35 million present value). <br />Based on current projections, this would take 18 years to repay. This memorandum summarizes our <br />review of the proposed TIF assistance. <br />The proposed Project includes 102 residential units, 20% of which will be affordable at 50% of Area <br />Median Income ("AMI"), consistent with the requirements for the Project to qualify for a Housing TIF <br />District. The 102 units include studios, one -bedroom units, and two -bedroom units, as well as a mix of <br />assisted living and memory care units. The Developer submitted financial information (the "Pro <br />Forma") for the Project to Ehlers for review on behalf of the City. The proposed sources and uses of <br />funds for the Project are shown in the table below. <br />Amount Pct. Per Unit <br />First Mortgage 22,610,000 70.0% 221,667 <br />Equity 9,690,000 30.0% 95,000 <br />TOTAL SOURCES 32,300,000 100% 316,667 <br />Acquisition Costs <br />Construction Costs <br />Professional Services <br />Financing Costs <br />Developer Fee <br />Cash Accounts/Escrows/Reserves <br />TOTAL USES <br />Amount <br />1,715,130 <br />23,910,314 <br />2,314,822 <br />959,734 <br />1,000,000 <br />2,400,000 <br />Pct. Per Unit <br />5.3% 16,815 <br />74.0% 234,415 <br />7.2% 22,694 <br />3.0% 9,409 <br />3.1 % 9,804 <br />7.4% 23,529 <br />32,300,000 <br />100% 316,667 <br />BUILDING COMMUNITIES. IT'S WHAT WE DO. <br />info�wehlers-inc.com 1 (8007 552-1V1 <br />www.ehlers-inc.com <br />