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Y4:.. -L City of Elk River City Council ver Resolution 19-_U_ A Resolution of the City Council of the City of Elk River Supporting the Tax Credit Application for Proposed CommonBond Multiple Family Housing Project and Recognizing that the Project Would Help Meet Identified Housing Needs WHEREAS, the City of Elk River is a municipal corporation and political subdivision duly organized and existing under the constitution and laws of the State of Minnesota; and WHEREAS, the City of Elk River completed a housing study in 2018 and affordable housing is identified as a community need; and WHEREAS, CommonBond Communities has submitted a conceptual review application to construct 60 units of multiple -family rental housing (the ,Project,) on Lot 1, Block 1, ELK RIDGE CENTER SECOND ADDITION; and WHEREAS, CommonBond Communities will be submitting a Low Income Housing Tax Credit application to the Minnesota Housing Finance Agency in June of 2019 for the Project; and WHEREAS, the Project would help meet the locally identified housing needs of the City of Elk River in that affordable housing is in short supply in the local housing market; and WHEREAS, adoption of this resolution does not constitute land use approval of the project in that CommonBond Communities must apply for several separate land use approvals for the Project which must be processed as required by state law and city ordinance and heard in public hearing before the City Council will have the information necessary to decide whether to approve the Project. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: The Project will meet an identified need to provide additional affordable housing needs in the community. Passed and adopted this 20`h day of May 2019. ATT Tina A ard, City Clerk Jo i-Ejietz, or POW EA EI IY f�; E