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Tax Increment Financing <br />The applicant applied for 15-year, $780,000 of Tax Increment Financing (TIF). On May 26, 2020, the <br />Joint Finance Committee reviewed the request and recommended the Housing and Redevelopment <br />Authority consider a letter of support for the project with TIF, subject to the applicant receiving an <br />allocation of tax credits and a demonstrated need for the affordable housing units. Supporting the <br />conceptual project does not require support for the TIF application. <br />Resolution of Support <br />The applicant also requested the Council consider the project independent of the TIF application. If <br />supportive, they request a resolution of support for the project with or without the TIF application for <br />state tax credit funding. <br />The resolutions do not approve the project or the TIF application and the city will not be required to <br />approve future land use applications for the site should the resolution be adopted. However, high density <br />residential uses are a permitted use on this site and a future site plan application, consistent with all <br />standards in the ordinance, would not require Council review or a public hearing. <br />Financial Impact <br />The applicant has requested a 15-year $780,000 pay as you go tax increment financing application. <br />Attachments <br />■ Location Map <br />■ Applicants Narrative <br />■ Conceptual site plan and renderings <br />■ Resolution supporting the project with TIF <br />■ Letter of support dated July 6, 2020 <br />■ Resolution supporting the project without TIF <br />■ Letter of support dated July 6, 2020 <br />N:\Public Bodies\Agenda Packets\07-06-2020\Fi1ia1\8.2 sr CHDC Proposal.docx <br />