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HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR <br /> THE CITY OF ELK RIVER <br /> RESOLUTION NO. 20-04 <br /> RESOLUTION EXPRESSING SUPPORT FOR THE PROPOSED USE OF TAX <br /> INCREMENT FINANCING FOR A PROJECT BY COMMUNITY HOUSING <br /> 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 assist <br /> an entity to be formed by Community Housing Development Corporation (the "Developer") with <br /> certain costs of construction of an approximately 55 unit multifamily rental housing development <br /> 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 completed <br /> in December of 2015. The study projects housing demand from 2017-2025 and provides <br /> recommendations on the amount and type of housing that could be built in the City to satisfy <br /> demand from current and future residents through 2025. The study showed a demand for <br /> 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 unmet <br /> 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 HRA indicate its support of the use of <br /> tax increment for the Project; and <br /> WHEREAS, the Joint Finance Committee has reviewed the proposal and recommends <br /> that the Board of Commissioners support the use of tax increment for the Project. <br /> NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the <br /> Housing and Redevelopment Authority in and for the City of Elk River that: <br /> 1. The Board of Commissioners supports the Project and the use of tax increment <br /> financing for the Project; provided, however, that authorization of tax increment financing for <br /> the Project is solely within the discretion of the Board of Commissioners following all legally <br /> required proceedings pursuant to Minnesota Statues 469.174 through 469.1794, as amended, <br /> including (i) a public hearing and approval by the City Council of the City; (ii) determining that <br /> tax increment financing assistance is necessary for the Project; (iii) verification of development <br /> financing need that substantiates that "but for" the use of tax increment financing the Project <br />