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 Jackson Hills Residential Suites, a mixed income project was completed in 2019 with 40-units (32 <br />market rate) decreasing total desire of market rate units to 140. <br />5. The developer shall adequately demonstrate, to the city’s sole satisfaction, an ability to complete the proposed project based on <br />past development experience, general reputation, and credit history, amount other factors, including size and scope of the <br />proposed project. <br /> Briggs Properties developed Jackson Hills Residential Suites and a similar project in Monticello, MN. <br />6. For the purposes of underwriting the proposal, the developer shall provide any requested market, financial, environmental, or <br />other data requested by the city or its consultants. <br /> Our consultant has requested the developer identify the $5.555M of site development costs within this <br />sworn construction statement. <br /> Our consultant requested a recent property appraisal to determine the market value. <br />7. The City of Elk River shall only use TIF to encourage economic growth and development within the city limits. <br /> The project is located within the city limits of Elk River. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />The City of Elk River shall utilize TIF to encourage desirable development or redevelopment that would not <br />otherwise occur but for TIF. <br /> <br />Attachments <br /> TIF Application <br /> Baker Tilly Analysis <br /> <br />