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Housing and Redevelopment Minutes <br />December 6, 2021 <br />8.2. Tax Increment Financing —Jackson Hills II <br />Page 4 <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 and 30% equity. <br />Financing of the TIF expenses would be 100% up front by the developer. <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 HRA meeting on January 3, 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'Neil stated the housing study is a few years old, but he can provide information to the <br />HRA on housing needs. <br />9. Adjournment <br />Chair Toth adjourned the meeting at 6:47 p.m. <br />Minutes pre pt "y Katie Porath. <br />/f <br />�r <br />Tina Allard, City Clerk <br />La4lrToth, air <br />Housing & Redevelopment Authority <br />