7.1 HRSR 03-03-2014 - Laserfiche WebLink

Home Browse Search

'z z Lr��_ P. Springsted Incorporated 380 Jackson Street, Suite 300 Saint Paul, MN 55101 -2887 Tel: 651 - 223 -3000 Fax: 651 - 223 -3002 www.springsted.com T0; Members of the City Council of the City of Elk River Members of the Housing and Redevelopment Authority of the City of Elk River Brian Beeman, Economic Development Director FROM: Mikaela Huot, Vice President DATE: February 25, 2014 SUBJECT: Tax Increment Financing Application Review Worksheet: Blackhawk Woods Housing Project The City of Elk River has asked Springsted to evaluate the tax increment financing (TIF) request submitted by Senior 30 Elk River Limited Partnership (the developer) for the proposed development of a senior housing rental project consisting of approximately 84 one -level townhome units. The City's Tax Increment Financing Policy also requires that the Tax Increment Financing Application Review Worksheet be completed to evaluate the project and ensure it meets the criteria of the City's policy, The application for Tax Increment Financing proposes the development of a senior living townhome community, The Developer is proposing to construct an 84 -unit townhome development, containing 49 one - bedroom units, 35 two - bedroom units, and a clubhouse activity center, Additionally, each unit will include an attached garage. The development is proposed for persons of low and moderate income; which will result in income limitations for potential residents and reduced rental rates. The Developer will be undertaking both the construction and operation of the proposed development. Attached to this memo are the results of Springsted's review based on information provided by the Developer and the City's updated Tax Increment Financing Policy and Application that includes a Review Worksheet specifically focusing on proposed housing projects. Our review of the project and completion of the housing review worksheet would rank this project as moderate based on a high, moderate, low and not eligible scale. With this information, we believe the City Council could proceed with calling for a public hearing and consideration for approval of a TIF District as the proposed project meets the 'moderate' criteria of the City's Tax Increment Financing Application Review Worksheet and Policy. Thank you for the opportunity to be of assistance to the City of Elk River. Please contact me at (651) 223 -3036 or mhuot @springsted.com with any questions or comments. Public Sector Advisors