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Consultant recommends TIF assistance, look‑back provisions for proposed Timber Ridge senior housing project
Summary
Eller's consultant Shane recommended a TIF principal note of about $1.1 million (financed at 6% and supported by up to 90% of TIF receipts over up to 20 years) for a proposed $26.6M Trident senior housing project, and proposed a look‑back with a 16% stabilization hurdle to adjust payments if revenues exceed projections.
Shane of Eller's and Associates presented the city's contracted review of a Trident Development proposal for a multi‑family senior housing project, which includes memory care and a mix of studio, one‑ and two‑bedroom units.
Shane summarized the financing profile and the consultant recommendation: the project is roughly a $26,600,000 development with an estimated development cost of about $330,000 per unit; operating costs for service‑heavy units…
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