7.1. SR 04-21-2014 - Laserfiche WebLink

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2.02. The City Council hereby finds that the TIF District qualifies as a "housing district" within the meaning of the TIF Act for the following reasons: The District is, pursuant to Minnesota Statutes, Section 469.174, Subdivision 11, a "housing district" because it consists of a project or portions of a project intended for occupancy, in part, by persons or families of low and moderate income as defined in Chapter 462A, Title II of the National Housing Act of 1934; the National Housing Act of 1959; the United States Housing Act of 1937, as amended; Title V of the Housing Act of 1949, as amended; and any other similar present or future federal, state or municipal legislation or the regulations promulgated under any of those acts. No more than 20% of the square footage of buildings that receive assistance from tax increments will consist of commercial, retail or other nonresidential uses: The project to be constructed in the TIF District is a multifamily rental housing facility consisting of approximately 56 one-level townhome units for seniors. At least 20% of the units (i.e., 12 units) in the project that receive tax increment financing assistance will be rented to and occupied by individuals or families whose income is 50% or less of area median income. 2.03. The City Council hereby makes the following additional findings: (a) The City Council further finds that the proposed development, in the opinion of the City Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. The specific basis for such finding being: The proposed approximately 56-unit affordable senior rental housing development would not be undertaken in the reasonably foreseeable future due to the reduced return on investment from affordable rental housing compared to market rate housing, based on a project pro forma and other materials submitted to the City by the proposed developer. The proposed developer has represented that the development could not proceed without tax increment assistance. (b) The City Council further finds that the TIF Plan conforms to the general plan for the development or redevelopment of the City as a whole. The specific basis for such finding being: The TIF Plan will generally complement and serve to implement policies adopted in the City's comprehensive plan. The housing development contemplated is in accordance with the existing zoning for the property. (c) The City Council further finds that the TIF Plan will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the TIF District by private enterprise. The specific basis for such finding being: The proposed development to occur within the TIF District is primarily low and moderate income senior housing. The development will increase the 2