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<br />N:\Departments\Community Development\Economic Development\EDA\Administrative\Agenda\Joint Finance Committee Agenda Packets\2020\09-29-2020\4.1 sr <br />Riverwalk Apartments TIF Application.docx <br /> Our consultant is awaiting an appraisal of the property to determine fair market value. <br />4. The developer shall demonstrate a market demand for the proposed project. TIF shall not be used <br />to support purely speculative projects. <br /> The developer is proposing to redevelop a blighted property into high density residential. <br />The 2018 Maxfield Housing Study Update references a need for 172 market rate units <br />through 2025. <br /> Jackson Hills, a mixed income project was developed after the 2018 Maxfield Housing Study <br />was released. This was a 40-unit project featuring 32 market rate units ultimately decreasing <br />the demand of total market rate units in the city to 140. <br />5. The developer shall adequately demonstrate, to the city’s sole satisfaction, an ability to complete the <br />proposed project based on past development experience, general reputation, and credit history, <br />amount other factors, including size and scope of the proposed project. <br /> Briggs Properties developed Jackson Hills, a 40-unit mixed income project in 2018, and a <br />similar type of project in Monticello. <br />6. For the purposes of underwriting the proposal, the developer shall provide any requested market, <br />financial, environmental, or other data requested by the city or its consultants. <br /> Our consultant has requested the developer identify the $5.555M of site development costs <br />within this sworn construction statement. <br /> Our consultant has requested from the developer a recent appraisal for the property to <br />determine the market value. <br />7. The City of Elk River shall only use TIF to encourage economic growth and development within <br />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 />