HomeMy WebLinkAboutResolution No. 116-21 - Supporting a Tax Credit Application from Three Rivers Community Action
RESOLUTION
Supporting a Tax Credit Application for a 40-unit Workforce and Supportive
Housing Project – 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, 11 units in the housing project will be affordable to households with incomes
at 60% of the area median income (AMI), 20 units at 50% AMI, and 5 supportive housing
units and 4 homeless units; 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.
BE IT RESOLVED by the City of Rochester Common Council that the City of Rochester as
follows:
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.
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.
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 $493,220 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 _______________, 2021.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2021.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)