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TAX INCREMENT FINANCING HOUSING DISTRICT NO. 7-4 <br />(RIDE HOUSING PROJECT) <br /> <br />REUTER WALTON <br />AND <br />CITY OF LITTLE CANADA, MINNESOTA <br /> <br />Draft Term Sheet for TIF Development Agreement <br />DRAFT DATED: OCTOBER 9, 2024 <br /> <br />I. Project Summary <br /> <br />a. Housing Project Summary <br />i. Developer: Reuter Walton <br />ii. TIF District: Tax Increment Financing Housing District No. 7-4 within <br />Development District No. 7 <br />(RIDE Housing Project) <br />iii. Property: <br />1. Parcel IDs *: 07.29.22.22.0065 <br />07.29.22.22.0038 <br />07.29.22.22.0039 <br />07.29.22.22.0040 <br />07.29.22.22.0041 <br />07.29.22.22.0042 <br /> <br />* property to be re-platted for new development <br /> <br />iv. Grant: Potential local funding opportunities including LCDA and Ramsey <br />County <br /> <br />v. Project: Construction of new 160-unit multifamily housing project <br />with estimated 17 1-bedroom, 112 2-bedroom and 45 3-bedroom units with <br />underground and surface parking spaces and supporting amenities <br /> <br />b. Total development cost estimate: $53,774,539 <br /> <br />c. Developer agrees to build the Project substantially in the form of the approved final <br />development plan with additional expenditures related to public infrastructure <br />improvements, stormwater improvements, and costs related to moving Flameburger to <br />the building next door. <br /> <br />Additional Costs Amount <br />City Sidewalks $300,000 <br />Stormwater $250,000 <br />Flameburger Buildout $340,000 <br />Flameburger Restaurant Equipment $250,000 <br />Total $1,140,000 <br />