HomeMy WebLinkAboutResolution No. 176-18 (a) - TaxCreditApplication.JeremiahHousingSupport
RESOLUTION
A RESOLUTION SUPPORTING A TAX CREDIT APPLICATION
FOR A 40-UNIT SUPPORTIVE HOUSING PROJECT
TO BE KNOWN AS JEREMIAH PROGRAM
WHEREAS, Jeremiah Program has proposed to build a 40-unit supportive housing
project in the City of Rochester; and,
WHEREAS, 100% of the units in the housing project will be affordable to households
with incomes at or below 50% of the area median income; and,
WHEREAS, the City wishes to support the application that Jeremiah Program is
submitting to Minnesota Housing Finance Agency (MHFA) for Housing Tax Credits; and
WHEREAS, the City will work with Developer to secure Tax Increment Financing (TIF)
assistance from the City by creating a Housing TIF District upon the Developer’s securing an
allocation of Housing Tax Credits from MFHA for the Project; and,
WHEREAS, The City cannot create a Housing TIF District in support of the Project until
all statutory requirements have been fully satisfied, including the consideration of comments
from the pubic and affected government jurisdictions following a public hearing; and.
WHEREAS, the success of the application is predicated on local support of the
proposal.
NOW, THEREFORE, BE IT RESOLVED by the City of Rochester Common Council that
the City of Rochester as follows:
1. The Rochester Common Council supports the application for the housing tax
credits for the construction of a 40-unit supportive housing project known as
Jeremiah Program.
2. The Rochester Common Council supports the Project subject to final determination
of project eligibility, required reviews, public input, notice and hearing and without
surrendering its legislative discretion.
3. The Rochester Common Council, upon MHFA’s approval of Housing Tax Credits
for the Project, authorizes City staff to continue to work on Tax Increment Financing
for the Project upon receipt of a TIF application and corresponding fee from the
Developer.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2018.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2018.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)