HomeMy WebLinkAboutResolution No. 144-20 - Letter of Support Three Rivers Tax Credit Project
RESOLUTION
Supporting a Tax Credit Application for a 40-unit Workforce and Supportive
Housing Project to be known as Eastside Apartments.
WHEREAS, Three Rivers Community Action has proposed to build a 40-unit workforce
and supportive housing project in the City of Rochester; and,
WHEREAS, development of the property will be subject to the City’s Zoning Ordinance and
Land Development Manual; and,
WHEREAS, 100% of the units in the housing project will be affordable to households with
incomes at or below 60% of the area median income with some of units reserved for
individuals facing homelessness; and,
WHEREAS, the Coalition for Rochester Area Housing has reviewed the project proposal
and recommends that the City provide up to 26 years of Pay As You Go Tax Increment
Financing, in amount up to $634,000 to the project; and,
WHEREAS, the City wishes to support the application that Three Rivers Community
Action 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 workforce and supportive housing project known as
Eastside Apartments subject to meeting the provisions of the City of Rochester Land
Development Manual and Zoning Ordinance.
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, will hold a public hearing to consider providing up to 26 years of Pay As You
Go Tax Increment Financing assistance, in an amount up to $$634,000 to reimburse the
developer for costs incurred related to the construction of the project.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2020.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2020.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)