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City of <br />Elk <br />River <br />City of Elk River <br />City Council <br />Resolution 20- <br />A Resolution of the City Council of the City of Elk River Expressing Support <br />for the Proposed Use of Tax Increment Financing for a Project By <br />Community Housing Development Corporation <br />WHEREAS, the Housing and Redevelopment Authority in and for the City of Elk River <br />(the "HRA") and the City of Elk River, Minnesota (the "City') have received a request to <br />assist an entity to be formed by Community Housing Development Corporation (the <br />"Developer") with certain costs of construction of an approximately 55 unit multifamily <br />rental housing development in the City of Elk River (the "Project"); and <br />WHEREAS, the City engaged Maxfield Research and Consulting, LLC on February 15, <br />2018, to conduct a comprehensive housing market study update to our original study <br />completed in December of 2015. The study projects housing demand from 2017-2025 and <br />provides recommendations on the amount and type of housing that could be built in the <br />City to satisfy demand from current and future residents through 2025. The study showed a <br />demand for affordable rental housing in the City; and <br />WHEREAS, a need has been identified for additional affordable housing within the City <br />and that the proposed housing fills a need in the local housing market that currently has an <br />unmet need; and <br />WHEREAS, the success of the tax credit application is predicated on local support of the <br />proposal; and <br />WHEREAS, the Developer has requested that the City indicate its support of the use of <br />tax increment for the Project; and <br />WHEREAS, the Board of Commissioners of the HRA and the Joint Finance Committee <br />have reviewed the proposal and recommend that the City Council support the use of tax <br />increment for the Project. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: <br />The City Council supports the Project and the use of tax increment financing for the <br />Project; provided, however, that authorization of tax increment financing for the <br />Project is solely within the discretion of the City Council following all legally required <br />proceedings pursuant to Minnesota Statues 469.174 through 469.1794, as amended, <br />including but not limited to (i) a public hearing and approval by the City Council of <br />