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EN HILLS <br /> MEMORANDUM <br /> DATE: December 13, 2010 <br /> TO: Mayor and City Council <br /> FROM: Patrick Klaers, City Administrator - <br /> Jill Hutmacher, Community Development Director <br /> SUBJECT: Presbyterian Homes Tax Increment Financing Contract <br /> Background <br /> At the December 6, 2010 City Council work session, the City Council discussed the proposed <br /> terms of the Presbyterian Homes TIF Contract as follows: <br /> • Minimum Improvements including 90 units of independent living, 76 units of assisted <br /> living, and 36 units of memory care <br /> • A phased construction timeline to commence no later than December 31, 2011 and be <br /> completed no later than December 31, 2016 <br /> • Repair of City sewer line on the Presbyterian Homes property to be paid by the <br /> Developer <br /> • Reconstruction of County Road D adjacent to the development property with 50% of the <br /> cost(City's share)to be paid by the Developer <br /> • Conveyance of the Triangle Parcel to the City for $1.00 <br /> o Site must be cleared and seeded <br /> o Site will be provided with clear title and clean environmental <br /> o Closing to occur no later than June 30, 2012 <br /> o Closing costs to be split as customary for market transactions <br /> • Total tax increment assistance of $1,115,000 plus 6.25% interest to be paid to the <br /> Developer over no more than 14 years <br /> o Developer will collect 90%of increment generated in years 1-5 <br /> o Developer will collect 75% of increment generated in years 6-14 <br /> o City will collect administration and pooling revenue not to exceed 20% of total <br /> revenue over the life of the district <br /> City of Arden Hills <br /> City Council Special Work Session December 13, 2010 <br /> Page 1 of 4 <br />