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REQUEST FOR ACTION <br />To Item Number <br />Ci Council 5.3.A. <br />Agenda Section Meeting Date Prepared by <br />Community Development September 21, 2009 Catherine Mehelich, Director of <br /> Economic Develo ment <br />Item Description Reviewed by <br />Consider Resolution of Support for Duffy Development Lori ohnson, Ci Administrator <br />Company's Affordable Housing Tax Credit(s) Application to Reviewed by <br />MN Housing Finance Agency <br />Action Requested <br />1) Consider Resolution in Support of Elk River Station Apartments Concept and Housing Tax Credit <br />Application <br />2) Consider Resolution of Receptivity to a Department of Employment & Economic Development <br />(DEED) Small Cities Development Program (SCDP) Award <br />Background/Discussion <br />At its September 14, 2009 worksession the City Council reviewed the development concept and request <br />for fee waivers for Elk River Station Apartments. In summary, Duffy Development Company is <br />submitting application for Housing Tax Credits from MN Housing Finance Agency (MHFA) for the <br />proposed 53-unit apartment building. <br />The developer's submittal to MHFA and DEED require resolutions of city support. The attached <br />resolutions have been provided by the developer for the Council's consideration. Staff understands the <br />Council may not be interested in all of the requests for city support, as indicated at the September 14 <br />worksession; therefore, the Council may choose to amend the resolutions as desired. <br />Financial Impact <br />Four of the items of city support are covered under the PUD agreement, and two of the items request <br />forms of financial assistance, specifically: <br />• A 5% reduction of local government fees in the amount of $25,000 <br />• A 1-year deferral of SAC/WAC fees (equal to a project savings of $7,732) <br />Attachments <br />• Resolution 09-_ in Support of Elk River Station Apartments Concept and Housing Tax Credit <br />Application <br />• Resolution 09-_ Receptivity to a Department of Employment & Economic Development <br />(DEED) Small Cities Development Program (SCDP) Award <br />Action Motion by Second by Vote <br />Follow Up <br />S:\EDA\HRA\HOUSING\Duffy Development 2009\9.21.09 Action Requested.ERStation.doc <br />