7.1. PCSR 03-27-2018 - Laserfiche WebLink

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City of Elk River, Minnesota Parcel ID Number Legal Description 75-134-2303 PARCEL D -S. THAT PT OF THE FOLLOWING DESC PARCEL D LYING S OF WLY EXTENSION OF CTRLINE OF 6TH ST (FORMERLY PLATTED AS 8TH ST) AS DEDICATED IN THE PLAT OF BURRELL'S ADDITION. SUBJ TO EASEMENTS OF RECORD.PARCEL D:THAT PT OF SW 1-4 OF NW 1-4 DESC AS COMM AT THE POINT OF INTERSECTION OF CTRLINE OF JACKSON AVE (FORMERLY KNOW AS STATE TRUNK HWY NO.201 & "OLD HWY NO.169" WITH S LINE OF SAID SW 1-4 OF NW 1-4;THENCE W ALONG SAID S LINE FOR 200.00 FT;THENCE N PARA WITH SAID CTRLINE FOR 285.70 FT TO POINT TO BE HEREAFTER KNOWN AS POINT "A" FOR THE PURP OF THIS DESC;THENCE E WITH SAID S LINE OF SW 1-4 OF NW 1-4 FOR 150.00 FT TO INTERSECT WITH W LINE OF R -O -W OF SAID JACKSON AVE BEING A LINE 50.00 FT, AS MEASURED AT RT ANGLES, W OF & PARA WITH SAID CTRLINE SAID POINT OF INTERSECTION ALSO BEING THE ACTUAL POB OF THE LAND TO BE HEREBY DESC; THENCE RETURN W PARA WITH SAID S LINE OF SW 1-4 OF NW 1-4 FOR 150.00FT TO SAID POINT "A"; THENCE N PARA WITH SAID CTRLINE FOR 14.30 FT MORE OR LESS TO INTERSECT THE N LINE OF S 300.00 FT, AS MEASURED AT RT ANGLES, OF SAID SW 1-4 OF NW 1- 4;THENCE W ALONG SAID N LINE OF S 300.00 FT FOR 200.01 FT MORE OR LESS TO INTERSECT A LINE 400.00 FT W OF, AS MEASURED AT RT ANGLES TO, SAID CTRLINE OF JASKSON AVE; THENCE N PARA WITH SAID CTRLINE FOR 1039.77 FT MORE OF LESS TO INTERSECT N LINE OF SAID SW 1-4 OF NW 1-4;THENCE E ALONG SAID N LINE FOR 350.03 FT MORE OR LESS TO INTERSECT SAID W LINE OF THE R -O -W OF JACKSON AVE;THENCE S ALONG SAID W LINE OF THE R -O -W FOR 1056.71 FT MORE OR LESS TO POB. The area encompassed by the TIF District shall also include all street or utility right-of-ways located upon or adjacent to the property described above. Section H Property to be Acquired in the TIF District The City may acquire and sell any or all of the property located within the TIF District; however, the City does not anticipate acquiring any such property at this time, other than for road right of way or utility purposes. Section I Specific Development Expected to Occur Within the TIF District The proposed development is expected to consist of the construction of a 40 -unit residential rental multi -family affordable housing project to be constructed by Jackson Hills Residential Suites, LLC. The developer has requested tax increment financing assistance for a portion of the costs associated with development of the 40 -unit affordable multi -family housing project, as well as related administrative expenses of the project. In order to comply with the statutory requirements of a Housing TIF District, at least 20% (8 units) of the 40 units will be occupied by residents with incomes at or below 50% of the area median income. The City anticipates that construction will commence on the 40 -unit complex in 2018 and be fully constructed by December 31, 2019 and be 100% assessed and on the tax rolls as of January 2, 2020 for taxes payable in 2021. At the time this document was prepared there were no signed construction contracts with regards to the above described development. The City intends to enter into a development agreement with the developer for the housing development described in this section. In addition, the City may use Tax Increment from the TIF District in the future SPRINGSTED Page 4