HomeMy WebLinkAboutResolution No. 108-23 - Resolution - Supporting Restoration Glen Housing Tax Credit Application
RESOLUTION
Supporting a Housing Tax Credit Application for a 48-Unit Workforce Housing
Project to be known as Restoration Glen.
WHEREAS, Three Rivers Community Action, Inc. and Bear Creek Development Center Inc.
have proposed to build a 48-unit workforce housing project in the City of Rochester; and,
WHEREAS, development of the property will be subject to the City’s Unified Development
Code; and,
WHEREAS, 30 of the units in the housing project will be affordable to households with
incomes at or below 60% of the area median income; and,
WHEREAS, 6 of the units in the housing project will be affordable to households with
incomes at or below 40% of the area median income; and,
WHEREAS, 12 of the units in the housing project will be affordable to households with
incomes at or below 30% of the area median income; and,
WHEREAS, the City wishes to support the application that Three Rivers Community
Action, Inc. and Bear Creek Development Center Inc. will be 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 48-unit workforce housing project to be known as Restoration
Glen subject to meeting the provisions of the City’s Unified Development Code.
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, authorizes City team to continue to work on Tax Increment Financing for
the Project upon receipt of a TIF application and corresponding fee from the Developer.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2023.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2023.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)