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City of <br /> Elk REQUEST FOR ACTION <br /> River <br /> TO ITEM NUMBER <br /> Mayor and City Council 8.6 <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> General Business May 20, 2013 Clay Wilfahrt,Assistant Director of <br /> Economic Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Workforce Housing Concept Support Jeremy Barnhart,Deputy Director, <br /> CODD <br /> REVIEWED BY <br /> Cal Portner, City Administrator <br /> ACTION REQUESTED <br /> Receive Workforce housing concept and provide staff and developer direction for construction. <br /> BACKGROUND/DISCUSSION <br /> In May 2012, the Council approved changes to the Planned Unit Development Agreement,allowing the <br /> construction of a similar project. John Duffy would like to construct a new 53-unit rent and income <br /> restricted apartment building directly east of the Northstar Station parking lot. The building would be the <br /> same size and architecture of The Depot Apartments that were constructed in 2011. <br /> The 2012 housing study indicated a demand for 90 more units of affordable housing by 2017. Mr. Duffy's <br /> proposed development qualifies as affordable housing as cited by the study. <br /> To construct the project,Mr. Duffy intends to apply for Low Income Housing Tax Credits. Tax credit <br /> application requires a substantial time and money investment. Before moving forward,Mr. Duffy wants to <br /> ensure that the City Council supports the construction of additional affordable workforce housing. <br /> The tax credit application is a competitive process with a great demand for tax credits. The Council's <br /> affirmation of support based upon documented housing needs,previous zoning approval, and positive <br /> relationship with the developer would enhance the project's position with regard to tax credit consideration <br /> through the Minnesota Housing Finance Administration. <br /> The final project approval will continue to remain subject the city's review process. <br /> FINANCIAL IMPACT <br /> N/A <br /> ATTACHMENTS <br /> None <br /> POWERED BY <br /> NaA f RE] <br />