02-04-2019 Council Packet - Laserfiche WebLink

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Assuming the project as proposed would qualify as a housing TIF district, the developer will submit an application for financial assistance with supporting financial information to the City that includes sources and uses for the entire project, including acquisition of the site to be occupied by the senior care campus, the commercial redevelopment properties, construction and other related costs and all required public improvements. The public improvements include off -site road and infrastructure improvements, as well as on -site infrastructure improvements for water, sewer, utilities and streets/sidewalks. The developer has indicated the project as proposed with the extraordinary costs for the additional property acquisition and infrastructure improvements is not feasible without assistance. Should the Council choose to proceed, next steps would include the developer applying for financial assistance followed by City staff, Springsted, and Kennedy & Graven reviewing the request and determining that the project meets the requirements of a housing district and justify the need for assistance. In addition, it will be determined that 1) the project does need financial assistance and 2) if so, an appropriate level of assistance to finance a portion of the identified extraordinary project costs that would allow it to proceed. This information would come back before Council at a later date once the additional financial information has been submitted by the developer and reviewed for reasonableness to provide a recommendation on a proposed financial assistance package. Thanks for the opportunity to be of assistance to the City of Lino Lakes. Please contact me at 651-223-3036 or mhuot@springsted.com with any questions or additional discussion.