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2024-06-12 CC Packet
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2024-06-12 CC Packet
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MEMORANDUM <br />To:City of Centerville <br />From: Tammy Omdal <br />Date:June 5, 2024 <br />Re:Tax Increment Financing (Redevelopment) District No. 1-8 <br />The City of Centerville (the “City”) received an application from Ebert (the “Developer”) requesting <br />tax increment financing (TIF) assistance to assist the redevelopment of a residential building on the <br />corner of Westview Street and Centerville Road in the city. <br />The proposal is to redevelop approximately 2.9 acres of underutilized land in the western portion of <br />Centerville into a residential development consisting of an approximately 104-unit market rate <br />apartment building with underground parking (the “Development”). <br />The property (parcels) listed in Exhibit A are proposed to be within the boundaries of a <br />redevelopment TIF district along with the adjacent roads and right-of-way to these parcels (the <br />“Property”). <br />The City completed the inspection of the Property for inclusion within a proposed redevelopment <br />tax increment financing district, Tax Increment Financing (Redevelopment) District No. 1-8 (the “TIF <br />District”). The report of the City’s findings is included in Exhibit VI of the Tax Increment Financing <br />Plan for the TIF District. <br />The purpose of this memorandum is to provide background information for the Development and <br />proposed terms for tax increment assistance, among other information. <br />Background <br />The Development cost, as prepared by the Developer, is estimated at approximately $30.2 million. <br />The Developer is requesting tax increment to reimburse a portion of certain development costs to be <br />incurred by the Developer, including land acquisition and site improvements costs for the <br />Development. Information on the terms for assistance follows. The Developer has represented that <br />they will not undertake the Development without tax increment financing (TIF) assistance. <br />Financial Assistance <br />It is Northland’s opinion that the Development is unlikely to occur but for the TIF. Without TIF <br />assistance, the Development is not expected to achieve the level of debt service coverage and returns <br />needed to secure the necessary private financing and equity. The level of density of the Development <br />is possible because of the underground parking. The Development inclusive of the underground <br />Northland Securities, Inc. 150 South Fifth Street, Suite 3300, Minneapolis, MN 55402, Main Tel. 612-851-5900 <br />www.northlandsecurities.com <br />Member FINRA and SIPC | Registered with SEC and MSRB <br /> <br />
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