Adopt Resolution #18-170 Approving Assessment Agreement with Affinity at Ramsey, LLC

The purpose of this case is to adopt a resolution approving the Assessment Agreement with Affinity at Ramsey, LLC for the upcoming Affinity at Ramsey Senior Housing Project. The Agreement was previously approved as Appendix D to the Tax Increment Financing Agreement. The Anoka County Property Records Department has instructed the City to adopt a resolution specifically calling out this separate agreement for approval for signature. This is the final piece required in order to close on the real estate transaction and allow construction to commence.

Notification is not required.

Affinity at Ramsey is a 175 unit market rate senior apartment building previously approved by the City Council. Staff did not anticipate that a separate resolution was to be required for closing since it was covered in the Tax Increment Financing Agreement.

Affinity at Ramsey, LLC, the development entity of the Inland Group for the Ramsey project, is constructing any paying for the public infrastructure surrounding their project, and being reimbursed for the City's share as property owner of the surrounding area through a Tax Increment Financing District. A portion of this agreement is an Assessment Agreement that outlines how Affinity at Ramsey will be reimbursed and establishes a Minimum Assessment Agreement to ensure that sufficient increment is generated by the district to fund the reimbursement.

This case is being handled as part of normal Staff duties. Affinity of Ramsey is being reimbursed through a Tax Increment Financing District through dollars generated in TIF District #14 (The COR).

Staff recommends approval of the Assessment Agreement for signature.

Motion to adopt Resolution #18-170 approving the Assessment Agreement with Affinity at Ramsey, LLC as a separate document for recording.