Laserfiche WebLink
Request for Action <br />To <br />Item Number <br />Mayor and Ci T Council <br />8.3 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General Business <br />April 4, 2022 <br />Brent O'Neil, Economic Development Director <br />Item Description <br />Reviewed by <br />TIF 28 Development Assistance Agreement — <br />Cal Portner, City Administrator <br />Jackson Street Apartments, LLC <br />Reviewed by <br />Action Requested <br />Approve, by motion, the resolution and agreement for Jackson Street Apartments, LLC. <br />Background/Discussion <br />At the January 3, 2022, City Council meeting, the Council approved the creation of Tax Increment District (TIF) <br />28 at the northwest of the intersection of Jackson Avenue and 6" Street, as well as the project plan for the district. <br />Briggs Companies, developer of the property, is proposing an apartment building of 44 units, of which 20 percent <br />of units would be required to meet affordability requirements. The use of TIF would offset land development <br />costs associated with significant soil mitigation and correction requirements. <br />The TIF agreement outlines the obligations of the city and developer and is a formal step committing future TIF <br />revenues to the project. The attached agreement has been developed in conjunction with the Kennedy and Graven <br />law firm and Baker Tilly, the city's financial advisor. The attached resolution authorizes execution of the <br />agreement. Final design drawings and plat will be inserted prior to execution. <br />In addition to this TIF agreement, the project will still need to pursue all other regular approvals for the project, <br />including city planning, zoning, and building approvals. <br />Financial Impact <br />The developer would receive 90% of tax increment during the agreement period, up to 15 years. <br />Mission/Policy/Goal <br />The city's TIF policy to be used for housing projects up to a maximum of 15 years. <br />Attachments <br />Resolution Approving and Authorizing Execution of a TIF 28 Development Agreement <br />TIF 28 Development Assistance Agreement with Jackson Street Apartments, LLC <br />Baker Tilly Memo <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires pi ospei ly. <br />M <br />TUREJ <br />Updated.• August 2020 <br />