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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 />n the <br />Economic Development Manager Sullivan stated that he has outli next 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 re e TIF ct 20 for the assisted <br />and memory care building, but there would be no TIF r the ndependent buil 'ng. He asked if <br />the buildings would be tied together or whether the developer could mover 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 buildin; 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 <br />for the project and <br />Development as pr <br />Further discussi en: <br />by the Cou <br />Memb <br />this will <br />A roll call vot <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 />by Memb <br />4,147,000 <br />rndahl, to commend to City Council support <br />TIF, $2,350,000 present value to Trident <br />nal information on the TIF process discussed <br />the reco 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 />