7.6. SR 04-16-2018 - Laserfiche WebLink

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E04y1� ,.,�� Request for Action River To Item Number Mayor and City Council 7.6 Agenda Section Meeting Date Prepared by Public Hearing April 16, 2018 Amanda Othoudt,Economic Development Director Item Description Reviewed by Public Hearing for the Creation of Housing TIF Cal Portner, City Administrator District No. 25 Reviewed by Action Requested 1. Open public hearing on the proposed Tax Increment Financing District#25. 2. Following the public hearing, the Council is asked to consider approval of the attached Resolution approving the modification of the development program for a development district No. 1, establishing a tax increment financing district, and approving the tax increment financing plan. Background/Discussion Patrick Briggs is developing a new 40-unit mixed income housing project at the intersection of 6th Street and Jackson Avenue. The developer applied for Tax Increment Financing (TIF) assistance through the establishment of a Housing TIF District to finance the portion associated with affordable housing. TIF District (Housing) No. 25 consists of one parcel and will consist of approximately 40 units of low- and moderate-income rental housing, all or a portion of which will receive TIF assistance and will meet income restrictions described in M.S. 469.1761. At least 20% (8 units) of the units/homes receiving assistance will have incomes at or below 50% of county median income. The Housing and Redevelopment Authority and the City Council reviewed the proposed project at their February 5, 2018, meetings and directed staff to establish a 15-year Housing TIF for the project. The Planning Commission reviewed the TIF Plan on March 27, 2018, and found it conforms to the general city development plan. The proposal is or will be in substantial accordance with the existing zoning or any permitted exception for the property and is consistent with other uses in the area. The city has performed all actions required by law to be performed prior to the modification and approval of the Program Modification and the TIF Plan. The Council finds: (a) The land within the district would not be available for redevelopment without the financial aid sought under this development program. (b) The development program modification will afford maximum opportunity, consistent with the needs of the city for the development of the district by private enterprise. (c) The development program modification conforms to the general city development plan. POWERED 6T Template Updoted 4/14 INAWRE1