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4.1. JFC SR 01-30-2018
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4.1. JFC SR 01-30-2018
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1,.s <br /> Elk .., Request for Action <br /> VEY <br /> To Item Number <br /> joint Finance Committee 4.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business January 30, 2018 Amanda Othoudt, EDD <br /> Item Description Reviewed by <br /> Jackson Hill Residential Suites,LLC and Elk River <br /> Lodge and Residential Suites, LLC Housing TIF Reviewed by <br /> Application and Financial Review <br /> Action Requested <br /> Review application and provide a recommendation to the Housing and Redevelopment Authority to <br /> establish Tax Increment Financing District No. 25. <br /> Background/Discussion <br /> The Jackson Hills Residential Suites project is a proposed 40-unit market-rate and affordable housing <br /> project located at the intersection of 6th Street and Jackson. The developer applied for Tax Increment <br /> Financing assistance through the establishment of a Housing TIF District to finance the portion <br /> associated with affordable housing. In addition, the developer also submitted a request to pool increment <br /> generated by the Jackson Hills Residential Suites project to reimburse the developer for interior and <br /> exterior renovations to convert the existing Elk River Lodge site into affordable housing. <br /> The Jackson Hills Residential Suites Housing Project is estimated to generate $1,340,872 in total gross tax <br /> increment over 26 years, the maximum term for a Housing District. The net amount available for housing <br /> projects is $1,206,790 or 90 percent,with the city retaining 10 percent for administrative expenses over <br /> the term of the district. <br /> The developer requested$1,206,790, or 90 percent of increment over 25 years with an estimated present <br /> value of$677,707. <br /> Per the city policy, the total estimated gross increment available for housing projects is $773,580 over 15 <br /> years, or the maximum term allowed under the policy. The developer could receive 90 percent of the <br /> gross increment over 15 years of$696,225 at a present value of$480,523. <br /> The developer's proposed financial package for the Jackson Hills Residential Suites project includes long- <br /> term,private financing of$4,719,804 from Lakewood Mortgage, $1,179,804 in equity from the owner, for <br /> a total estimated project budget of$5,899,018. <br /> The developer's proposed financial package for the Elk River Lodge project includes long-term private <br /> financing of$1,250,000 from Klein Bank, $250,000 in equity from the owner,for a total estimated project <br /> budget of$1,500,000. <br /> The Elk River Vision <br /> A nvlcoming community Pith revolutionary and spirited resourcefulness, exceptional P"mi E �, <br /> service, and community engagement that encourages and inspires prosperity /�, U 'E <br />
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