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Housing and Redevelopment Minutes Page 4 <br /> December 6,2021 <br /> ----------------------------- <br /> 8.2. Tax Increment Financing —Jackson Hills II <br /> Mikaela Huot,director at Baker Tilly,presented information related to the Jackson Hills II <br /> TIF. <br /> The applicant is proposing a 44-unit apartment project with 9 units designated as affordable <br /> and is asking for the formation of a 15-year TIF district. Extraordinary costs of the project <br /> include soil corrections. <br /> Ms. Huot stated that she had asked whether all affordable housing would be studio <br /> apartments. She added that the TIF agreement needs to be clear on the expectations for the <br /> project. <br /> The applicant stated that the selection of studio, 1-bedroom, and 2-;bedroom apartments <br /> designated as affordable housing would be "floating." <br /> The project would have an $8.5 million budget with 70% mortgage N30ity. <br /> Financing of the TIF expenses would be 100%up front by the deve <br /> Chair Toth asked about the pond. <br /> Commissioner Wagner clarified that the applicant had wanted to build a fishing pond. <br /> A draft TIF policy will come to the ''RA meeting on January3,2022, asking for the HRA <br /> recommendation to the council. <br /> Chair Toth asked about the available housing needs in Elk River. <br /> Mr. O'NeSK <br /> y is a few years old, but he can provide information to the <br /> HRA on <br /> 9. ourn <br /> r at 6:47 p.m. <br /> Minutes prepared by Katie Porath. <br /> Tina Allard, City Clerk <br /> Larry Toth, Chair <br /> Housing&Redevelopment Authority <br />