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Home My WebLink AboutResolution No. 144-25 - Resolution - Aeon Housing Tax Credit Application RESOLUTION Supporting a Housing Tax Credit Application for a 75-Unit 55+ Housing Project by Aeon. WHEREAS, Aeon is proposing to build a 75-unit 55+ 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, 55 to 59 of the units in the senior housing project will be affordable to households with incomes at or below 50% of the area median income; and, WHEREAS,16 to 20 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 Aeon project is a keystone component of the broader West Transit Village vision to transform a strategic site near downtown Rochester into a mixed-use, transit-oriented, and socially equitable neighborhood; and, WHEREAS, a site-integrated wraparound building design that conceals a parking ramp, enhances the streetscape, features a public courtyard, includes over $2.8 million in green infrastructure, including solar energy and geothermal heating and cooling; and, WHEREAS, the City wishes to support the application that Aeon will be submitting to Minnesota Housing Finance Agency (MHFA) for Housing Tax Credits; and, WHEREAS, the City has already approved a Tax Increment Financing (TIF) district which encompasses the area where the development will be built and has authorized up to $4.9 million in TIF assistance to support the development; 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 75-unit 55+ housing project by Aeon subject to meeting the provisions of the City’s Unified Development Code. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2025. ___________________________________ PRESIDENT OF SAID COMMON COUNCIL ATTEST: __________________________ CITY CLERK APPROVED THIS _____ DAY OF ______________________, 2025. ___________________________________ MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota)