HomeMy WebLinkAboutResolution No. 126-23 - Resolution - Supporting Rochester Civic Lot Housing Tax Credit Application
RESOLUTION
Supporting a Housing Tax Credit Application for an 84-Unit Affordable Housing
Project by Rochester Civic Lot GP.
WHEREAS, Rochester Civic Lot GP is proposing to build a 84-unit affordable 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, 73 of the units in the senior housing project will be affordable to households
with incomes at or below 60% of the area median income; and,
WHEREAS, 11 of the units in the senior 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 Rochester Civic Lot GP 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 MHFA 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 public and affected government jurisdiction 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 an 84-unit affordable housing project by Rochester
Civic Lot GP 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)