HomeMy WebLinkAboutResolution No. 232-10 RESOLUTION
A RESOLUTION SUPPORTING TAX INCREMENT FINANCING ASSISTANCE FOR A 40
UNIT MULTI-FAMILY HOUSING PROJECT
TO BE KNOWN AS FALCON HEIGHTS TOWNHOMES
WHEREAS, Falcon Heights of Rochester Limited Partnership has proposed to build a
40 unit Multi-Family housing development in the City of Rochester; and,
WHEREAS, the housing proposal was presented to the Rochester City Council and
received support of that group; and,
WHEREAS, the success of the application is predicated on local support of the
proposal through the commitment of tax increment financing for the project.
NOW, THEREFORE, BE IT RESOLVED by the City of Rochester Common Council that
the City of Rochester supports the application for the tax credits for a 40 unit multi-family
housing project to be known as Falcon Heights Townhomes of Rochester Limited Partnership
and authorizes staff to proceed with the establishment of a "Pay As You Go" Tax Increment
�inancing District if the application to the MHFA for financing is successful.
BE IT FURTHER RESOLVED that, based upon a commitment of financing from the
MHFA and other private and public sources, the City of Rochester will initiate the required
procedures to authorize a local contribution of$130,000 Note payable out of the Tax
increment generated by Falcon Heights Townhomes for this low to moderate income housing
project. All projections as to tax increment captured are based on State Statues in effect as of
this date and the precise amount of the local contribution will be determined to reflect the
documented financial needs of the project and subject to the stated maximum amount and
term.
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• PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 77H O , 2010.
PR S DENT OF SAID COMMON COUNCIL
ATTEST: Gf�/
ITY CLERK
APPROVED THIS 8TA DAY OF L201-05 , 2010.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
*es10\Support.TlF Falcon
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