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ha <br />ver <br />MEMORANDUM <br />TO: Lori Johnson, City Administrator <br />Elk River Municipal Utilities Commission <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: September 3, 2009 <br />SUBJECT: Request for Deferral -Elk River Station Apartments <br />Attachment <br />• Elk River Station Request fox City Support <br />Action Requested <br />The Utilities Cornmission is asked to approve a 1-year deferral of the WAC fees for the <br />proposed Elk River Station Apartments, contingent on City Council support of the financing <br />application. <br />Background <br />Duffy Development Company is proposing to construct a 53-unit apartment building on <br />Outlot D, Elk River Station. The developer is making application to MN Housing Finance <br />Agency (MHFA) for tax credits to finance the proposed affordable rental housing <br />development. MHFA's scoring criteria requires city support in the form of WAC/SAC <br />waiver or deferrals, among other items the developer has proposed in the attached Request <br />for City Support. The City Council will discuss the request at its September 14 work session, <br />and consider final action at its September 21 meeting. <br />Staff has estimated the following WAC fee for the project: <br />WAC (53x2000)x.8 = $84,800 <br />