HomeMy WebLinkAboutResolution No. 142-24 - Resolution - Home Ownership Creation Program Contribution to Prairie Ridge
RESOLUTION
Approving the Home Ownership Creation Program - Prairie Ridge Recommendation
WHEREAS, The Home Ownership Program provides upfront subsidies if at least 50 homes
are proposed, and a portion of the homes are priced at or below the maximum housing price
a standard household earning 115% AMI could afford based on the number of proposed
units.
WHEREAS, Council previously approved the Home Ownership Creation April 22, 2024. The
program supports the development of owner-occupied housing unit(s).
WHEREAS, The City has been authorized to collect $50,000,000 in sales taxes for the
Economic Vitality project, which can be used to support various community housing needs.
WHEREAS, Council action is requested to approve the a contribution of $4,000,000 from
Economic Vitality Funding via the Home Ownership Creation Program to support the
creation of 201 for-sale dwellings at Prairie Ridge Development.
WHEREAS, the development proposes 40 of the homes to be priced below $426,100,
ranging in price between $368,00-$422,000, and the remaining for-sale homes to be priced
below $500,000, ranging between $426,000-$479,000. Thus, 19% of the 201 units are
priced to meet the required number of 115% AMI units. These 40 units are deemed the
"Economic Vitality Affordable Units."
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of Rochester,
MN hereby approves the contribution of $4,000,000 to the Prairie Ridge development to
support the creation of 201 for-sale homes via the Home Ownership Creation Program.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)