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Springsted Incorporated <br /> 380 Jackson Street, Suite 300 <br /> $p Saint Paul,MN 55101-288Springsted <br /> Tel: 651-223-3000 <br /> Fax: 651-223-3002 <br /> www.springsted.com <br /> MEMORANDUM <br /> TO: Members of the City Council of the City of Elk River <br /> Members of the Housing and Redevelopment Authority of the City of Elk River <br /> Brian Beeman, Economic Development Director <br /> FROM: Mikaela Huot,Vice President <br /> DATE: February 25, 2014 <br /> SUBJECT: Tax Increment Financing Application Review Worksheet: Blackhawk Woods Housing Project <br /> The City of Elk River has asked Springsted to evaluate the tax increment financing (TIF) request submitted by Senior <br /> 30 Elk River Limited Partnership (the developer) for the proposed development of a senior housing rental project <br /> consisting of approximately 84 one-level townhome units. The City's Tax Increment Financing Policy also requires <br /> that the Tax Increment Financing Application Review Worksheet be completed to evaluate the project and ensure it <br /> meets the criteria of the City's policy. <br /> The application for Tax Increment Financing proposes the development of a senior living townhome community. The <br /> Developer is proposing to construct an 84-unit townhome development, containing 49 one-bedroom units, 35 two- <br /> bedroom units, and a clubhouse activity center. Additionally, each unit will include an attached garage. The <br /> development is proposed for persons of low and moderate income;which will result in income limitations for potential <br /> residents and reduced rental rates. The Developer will be undertaking both the construction and operation of the <br /> proposed development. <br /> Attached to this memo are the results of Springsted's review based on information provided by the Developer and the <br /> City's updated Tax Increment Financing Policy and Application that includes a Review Worksheet specifically <br /> focusing on proposed housing projects. Our review of the project and completion of the housing review worksheet <br /> would rank this project as moderate based on a high, moderate, low and not eligible scale. With this information, we <br /> believe the City Council could proceed with calling for a public hearing and consideration for approval of a TIF District <br /> as the proposed project meets the `moderate' criteria of the City's Tax Increment Financing Application Review <br /> Worksheet and Policy. <br /> Thank you for the opportunity to be of assistance to the City of Elk River. Please contact me at (651) 223-3036 or <br /> mhuot(cDspringsted.com with any questions or comments. <br /> Public Sector Advisors <br />