Agenda - Council - 01/26/1999 - Laserfiche WebLink

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I ! i I I I I I I I I I I I I I I I i RAMSEY FAMILY TOWNHOMES DFVELOPMENT PLAN DECEMBER 18, 1998 Property: Blaine Edmundson property at 153rd Ave and Highway 47. OUTLINE: .project ch;.'racteristics: 1. Approximately 40 units of affordable rental townhomes with rents at no more than 30% of 50% of the metro areas median income adjusted for family size. 2. Minimum of 20% but no more than 25% available to holders of section 8 subsidies. 3. No local preferences are permitted by the financing. 4. Financed by: a. Fed:~ral Iow income housing tax credits from the Minnesota Housing Finance Agency. Application due February 14, 1999. b. Anoka County HOME c. City CDBG funds if available d. Tax Increment financing, min 20 years 5. 10% (4 units) of the project may be set aside for MHOP (Hollman) participation. Actions requested to be actad on by February 18, 199.9..: 1. From City Staff: Letter regarding status of the land use, i.e. that it is currently zoned business, is involved ':'~ a development moratorium, has been re-planned as high density residential, sad the developer's plan for up to 40 townhouse units meats that zoning classification, and staff supports developer's towRhome proposal. 2. From City Council: Resolution that the Council will. form a tax increment district of at least 20 years in term. The annual tax increment from the townhome development (less a 10% administration fee paid to the city) will be applied first to pay for infrastructure improvement costs and land improvements of at least 5% of the projects development cost and then the balance of the proceeds to the cost of rand. The Councils approval of the formation of a tax increment district for the townhome projects shall be subject to and conditional on: a. Completion of the City's rezoning process and the end of the development moratorium. b. Submission to the City by the developer of a site plan meeting all the requirments of the City for such a submission c. Review of the site and building plans by the Planning Commission d. Review and approval of the site and building plans by the Council e. Review and approval by the City's financial consultant, legal council, engineering, and planning staff. f. Any and all other standard City and or other governmental processes, reviews, and approvals being met by the developer. 3. From City Staff: a letter calculating the projected and/or estimated tax increment and benefits thereon to accrue to the townhome project.