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1. Less: actual grant award (request for up to $1,000,000) <br />2. Payment dates: August 1, 2027 through February 1, 2053 <br />g. Developer agrees to build the Project substantially in the form of the approved final development plan <br />with additional expenditures related to public infrastructure improvements, stormwater improvements, <br />and Flameburger relocation costs <br />h. Project to occur as proposed and at an estimated total cost of $52,270,150 <br />i. Construction commences by December 31, 2024 and completes by December 31, 2026 <br />i. Extraordinary costs <br />i. Qualifying affordable housing costs of the Project including: site improvements such as demolition, <br />parking and grading, public improvements and construction of affordable housing <br /> <br />Recommended Action Item <br />The City Council is being asked to hold a public hearing to allow for any public comments, followed by <br />consideration of approval for the establishment of Tax Increment Financing District No. 7-4 (RIDE Housing <br />Project) and adoption of the TIF Plan. The draft TIF Development Agreement that includes the provisions and <br />terms of the TIF assistance between the City and developer will also be considered for approval. <br /> <br />Thank you for the opportunity to be of assistance to the City of Little Canada. Please contact me at 651-223- <br />3036 or mikaela.huot@bakertilly.com with any questions or to discuss.