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Fairfield Terrace Senior Apartments <br /> Fairfield Terrace, a high density senior rental development, was built with tax increment financing. It is located in <br /> • downtown Lakeville, adjacent to the central business district. The buildings and open areas are well designed and <br /> carefully maintained. <br /> Zoning: R-7 Average Property Taxes: S64 <br /> School District: Lakeville Avg. # Children per Unit: 0.0 <br /> Avg. Market Value: S27,450 Avg. # People per Unit: 1.04 <br /> Average Unit Age: 6 Years <br /> ANALYSIS: <br /> Fairfield Terrace Senior Apartments have a negative fiscal impact for the City. However, without tax increment <br /> financing, these apartments would have a positive fiscal impact. For schools, Fairfield Terrace turns a positive <br /> fiscal impact, regardless of TIF. Police services are primarily medical. Downtown businesses serve the senior <br /> residents. Only the land was included in the TIF, which expires in 20 years. Future senior developments could <br /> utilize the in-place senior center. Operational costs of police and other services are lower than other high density <br /> apartments because the number of residents per unit is significantly lower in senior housing. <br /> FAIRFIELD TERRACE SENIOR HOUSING <br /> Annual Operating City School <br /> Figures District <br /> Expenditures $5,707 $0 <br /> aI Revenues 3,571 878 <br /> • �. I -t, 1E. ..; Net Impact (2, 125) 878 <br /> • Overall Net (1,257) <br /> :wir++W Per Acre Impact <br /> (2, 925) 1,203 <br /> Overall Net per (1,722) <br /> t.. <br /> xZ>. N = r' t ter= ? Acre <br /> FINDINGS: *Reference Appendix C for fiscal impact without TIF <br /> This type of development has the potential to be fiscally positive for the City and school district when not financed <br /> with TIF. The City should keep in mind that this area may contribute to the success of future downtown <br /> commercial development. The concentration of seniors may reduce the service area, thus reducing provision costs <br /> to the City. Demand for senior rental housing far e7sceeds supply.3 There may be added demand from residents of <br /> adjacent agricultural areas and the City of Lakeville as the population continues to age. The City should not only <br /> make efforts to encourage senior rental development, but also encourage innovative designs and differing densities <br /> to serve the diverse needs of seniors. <br /> • <br /> 'Erickson,Robcrt. Meeting July 22, 1991 <br /> 26 <br />