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Chairperson Dehen stated he thought the workforce housing was going to be out farther if at all. <br />He thought the plan was to bring in more market rate driven housing in this area. <br />Planning Manager Miller stated this project met the density for the area. She noted there was <br />workforce housing right in front of the ramp, so she did not know where the thought was that <br />there would not be workforce housing. She noted the tenants would be required to have a job, so <br />these were not low- income housing. <br />Mr. Thelen noted this was not a Section 8 project. He indicated the rent was set and there was no <br />other subsidy. <br />Chairperson Dehen asked how the purchase agreement was arrived at. <br />City Administrator Ulrich responded the proposal came from the developer with staff's direction <br />to the developer that there were key issues that had to be addressed. <br />Chairperson Dehen stated his concern was a complex located by a park and this was a highly <br />desirable location. <br />Commissioner Elvig asked if Mr. Thelen could look at doing the first building as the second <br />building. <br />Chairperson Dehen asked what the options were. <br />City Administrator Ulrich stated TIF would put the City in partnership with the developer. He <br />indicated this would be a partnership that would need to be negotiated. He noted the developer <br />would have a certain cap rate the developer would need to achieve. <br />Commissioner Ramsey stated he needed further information regarding the TIF financing before <br />he could make any decisions. <br />Planning Manager Miller stated if this project was workforce housing, the City had a workforce <br />housing where TIF was not used. She indicated it might make sense to decertify that TIF and <br />use this project for the TIF financing. She indicated this would relocate the TIF. <br />Commissioner Elvig asked if both phases would be TIF. <br />Mr. Thelen responded he was proposing both buildings as TIF. He noted the TIF would help to <br />build the market rate phase. <br />Commissioner Elvig asked if the City could put a physical dollar amount cap on the TIF. He <br />agreed the City should decertify the existing TIF district. <br />Mr. Thelen stated funding was coming up from the County and if his Letter of Intent were <br />accepted, he would like to apply for the funding. He believed he could get up to $300,000 from <br />Anoka County. <br />Housing and Redevelopment Authority / December 15, 2009 <br />Page 6 of 10 <br />