HomeMy WebLinkAboutResolution No. 066-09 1 DY J '09. ;
RESOLUTION
A RESOLUTION SUPPORTING TAX INCREMENT FINANCING ASSISTNACE FOR A
40-UNIT MULTI-FAMILY HOUSING PROJECT
WHEREAS, Falcon Heights Townhomes 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 Common Council of the City of
Rochester that the City 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
Financing 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 statutes 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.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS .-Z- oD D --OF FE�k5LI I , 2009.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: / �,11,1111)elllj
CITY CLERK
•
APPROVED THIS s DAY OF F�t3g&Lf-rj , 2009.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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