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RESOLUTION NO. <br /> <br />A RESOLUTION OF SUPPORT OF A PROPOSAL BY METROPLAINS <br />DEVELOPMENT, LLC TO CONSTRUCTHOUSlNG RENTAL UNITS IN THE <br />CITY OF ELK RIVER <br /> <br /> WHEREAS, the Elk River Housing and Redevelopment Authority has entered into a <br />Downtown Revitalization Plan which demonstrates the need for diversity in the Central Business <br />District including the provision of Low/Moderate income housing, retail and office space; and <br /> <br /> WHEREAS, MetroPlains Development, LLC has made a proposal to the City of Elk <br />River and the Elk River HRA to construct up to 32 units of housing with rental rates of <br />approximately $600-$700 per month to meet some of the housing needs that have been identified in <br />the Housing Plan 2001-2005 prepared by the Central Minnesota Housing Partnership and the <br />Market Analysis for Downtown Elk River prepared by Maxfield Research; and <br /> <br /> WHEREAS, the City of Elk River supports the application of MetroPlains Development <br />LLC for Low Income Housing Tax Credits through the Minnesota Housing Finance Agency; and <br /> <br /> WHEREAS, the City of Elk River supports the use of Tax Increment Financing by the <br />City of Elk River for the redevelopment of the Central Business District; and <br /> <br /> WHEREAS, the City of Elk River supports costs avoidance for the construction of 32 <br />housing units by providing some donated land, waiver of development specific assessments, <br />WAC/SAC reductions, density bonuses, reducing setbacks, reducing parking requirements, <br />decreasing road widths, flexibility in site development standards and zoning code requirements and <br />by working with MetroPlains Development in order to fast-track the permit and approval process <br /> <br /> WHEREAS, the City of Elk River agrees to enter into a Letter of Understanding with <br />MetroPlains Development LLC for the sale of the property described in the Letter of <br />Understanding; and <br /> <br /> NOW THEREFORE, BE IT RESOLVED that the City Council of the City of Elk River <br />hereby adopts this resolution expressing its general support for the rental housing proposal by <br />MetroHains Development, LLC, and its commitment to provide ongoing assistance to bring the <br />project to completion, including financial assistance as may be appropriate in the sole discretion of <br />the City Council, to successfully complete the project. <br /> <br />Passed and adopted this 14th day of July 2003. <br /> <br />ATTEST: <br /> <br />Stephanie A. Klinzing, Mayor <br /> <br />Patrick D. Klaers, City Administrator <br /> <br />S:\Downtown Revitalization\Memos\RESOLUTiON NO1 .doc <br /> <br /> <br />