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Fairfield Terrace Senior Apartments <br />Fairfield Terrace, a high density senior rental development, was built with tax increment financing. It is located in <br />downtown Lakeville, adjacent to the central business district. The buildings and open areas are well designed and <br />carefully maintained. <br />Zoning: <br />R -7 <br />Average Property Taxes: S64 <br />School District: <br />Lakeville <br />Avg. # Children per Unit: 0.0 <br />Avg. Market Valuer <br />527,450 <br />Avg. # People per Unit: 1.04 <br />Average Unit Age: <br />6 Years <br />ANALYSIS: <br />Fairfield Terrace Senior Apartments have a negative fiscal impact for the City. However, without tax increment <br />financing, these apartments would have a positive fiscal impact. For schools, Fairfield Terrace turns a positive <br />fiscal impact, regardless of TIF. Police services are primarily medical. Downtown businesses serve the senior <br />residents. Only the land was included in the TIF, which expires in 20 years. Future senior developments could <br />utilize the in -place senior center. Operational costs of police and other services are lower than other high density <br />apartments because the number of residents per unit is significantly lower in senior housing. <br />xcicrcnce Appenaut c, for nsmi impact without TIF <br />This type of development has the potential to be fiscally positive for the City and school district when not financed <br />with TIF. The City should keep in mind that this area may contribute to the success of future downtown <br />commercial development. The concentration of seniors may reduce the service area, thus reducing provision costs <br />to the City. Demand for senior rental housing far exceeds supply.3 There may be added demand from residents of <br />adjacent agricultural areas and the City of Lakeville as the population continues to age. The City should not only <br />make efforts to encourage senior rental development, but also encourage innovative designs and differing densities <br />to serve the diverse needs of seniors. <br />• <br />'Erickson, Robert. Meeting July 22, 1991 <br />26 <br />FAIRFIELD <br />TERRACE SENIOR HOUSING <br />r <br />Annual Operating <br />City <br />School <br />AW, <br />Figures <br />District <br />Expenditures <br />$5,707 <br />$0 <br />Revenues <br />3,571 <br />878 <br />Net Impact <br />(2,125) <br />878 <br />Overall Net <br />(1,257) <br />Per Acre Impact <br />(2,925) <br />1,203 <br />Overall Net per <br />(1,722) <br />Wi <br />•. :! <br />Acre <br />FINDINGS: <br />xcicrcnce Appenaut c, for nsmi impact without TIF <br />This type of development has the potential to be fiscally positive for the City and school district when not financed <br />with TIF. The City should keep in mind that this area may contribute to the success of future downtown <br />commercial development. The concentration of seniors may reduce the service area, thus reducing provision costs <br />to the City. Demand for senior rental housing far exceeds supply.3 There may be added demand from residents of <br />adjacent agricultural areas and the City of Lakeville as the population continues to age. The City should not only <br />make efforts to encourage senior rental development, but also encourage innovative designs and differing densities <br />to serve the diverse needs of seniors. <br />• <br />'Erickson, Robert. Meeting July 22, 1991 <br />26 <br />