HomeMy WebLinkAboutResolution No. 421-09 �1�0 j
• RESOLUTION
A RESOLUTION OF SUPPORT OF A HOUSING TAX CREDIT APPLICATION BY
CASCADE CREEK LIMITED PARTNERSHIP IN THE CITY OF ROCHESTER
WHEREAS, Cascade Creek Limited Partnership is submitting a Housing Tax Credit
Application to Minnesota Housing Finance Agency for a mixed use project consisting of 40
rental apartment units and a 2000 square feet retail space in the apartment building located
within the City of Rochester; and
WHEREAS, the City of Rochester supports the application of Cascade Creek Limited
Partnership for Housing Tax Credits through Minnesota Housing Finance Agency; and
WHEREAS, the project is consistent with the goals of the City by providing a dense,
walkable, infill development that utilizes existing public infrastructure; and
WHEREAS, the City will provide the following in support of the Housing Tax Credit
application submittal:
1. Cascade Creek Limited Partnership shall be responsible for
payment of 95% of the SAC and WAC development fees. A third
• party (First Homes) shall be responsible for payment of the
remaining 5% of said SAC and WAC fees;
2. Cascade Creek Limited Partnership shall be responsible for
payment of 95% of the Wastewater Plant Investment fee (PIF)
development fees. A third party (First Homes) shall be responsible
for payment of the remaining 5% of said PIF fees;
3. The City has provided a density bonus to the proposed project
through the Restricted Development zoning approval;
4. The City has provided for reduced parking requirements for the
proposed project through the Restricted Development zoning
approval process;
5. The City has provided for fast track of the zoning approval process
by not requiring the Restricted Development Preliminary Plans be
returned to the City Planning & Zoning Commission; and
6. The City is providing an incentive by waiving the Traffic Impact
Report requirement.
• NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Rochester that the City adopts this resolution expressing its general support for the Housing
Tax Credit application being submitted by Cascade Creek Limited Partnership.
0 PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 22�� DAY/�F cc — 2009.
„l
PRESIDENT OF SAID COMMON COUNCIL
ATTES
ITY CLERK
APPROVED THIS DAY OF W7,F/27Z�;9— ' 22009.
� .t -,V7
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
Res05/ResSuppo rt.HousTaxCreApp1