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06-24-2019 Council Packet
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06-24-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
Regular
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Lino Lakes Economic Development Authority, Minnesota <br />BAKER TILLY Page 4 <br /> <br />Section J Findings and Need for Tax Increment Financing <br /> <br />In establishing the TIF District, the City makes the following findings: <br /> <br /> (1) The TIF District qualifies as a housing district. <br /> <br />See Section G of this document for the reasons and facts supporting this finding. <br /> <br /> (2) The proposed development, in the opinion of the City, would not reasonably be expected to occur <br />solely through private investment within the reasonably foreseeable future. <br /> <br /> The proposed development is expected to consist of approximately 150 senior housing units <br />comprising of independent living, assisted living and memory care units. The City’s finding that the <br />proposed development would be unlikely to occur solely through private investment within the <br />reasonably foreseeable future is based on an analysis of the project pro forma and other materials <br />submitted to the City by the developer. These documents have indicated that due to the significant <br />costs associated with assembling the project site and construction of the senior housing project will <br />result in returns that are not sufficient to support development, thereby making this housing <br />development infeasible without public assistance. There are significant development costs <br />associated with acquisition, demolition, installation of new infrastructure and structured parking. <br />Therefore, the developer has indicated in communications with the City and submitted financial <br />data that the development as proposed would not move forward without tax increment assistance. <br /> <br /> (3) The TIF Plan conforms to the general plan for development or redevelopment of the City as a <br />whole. <br /> <br />The reasons and facts supporting this finding are that the City Council of the City has <br />found the TIF plan consistent with the general plan for development of the city as a whole <br />and will generally complement and serve to implement policies adopted in the City's <br />comprehensive plan. <br /> <br /> (4) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a <br />whole, for the development of the Project Area by private enterprise. <br /> <br /> Through the implementation of the TIF Plan, the City will provide an impetus for a new <br />senior care campus, of which a portion of the units will be affordable, which complements <br />the overall housing needs of the City and helps support other private types of <br />development by providing a range of housing opportunities for residents and workers <br />within the City. <br /> <br /> <br />Section K Estimated Public Costs <br /> <br />The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement from tax <br />increments of the TIF District. <br /> <br />Land/Building acquisition 888,000 <br />Site Improvements/Preparation costs 2,330,000 <br />Utilities 0 <br />Other Housing Improvements 298,075 <br />Administrative expenses 185,058 <br />Subtotal <br /> <br />Interest expenses 0 <br />Total 3,701,133
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