Agenda - Council - 08/08/2023 - Laserfiche WebLink

Home

7. 1. CC Regular Session Meeting Date: 08/08/2023 Primary Strategic Plan Initiative: {@!@udpd8@!@} Information Title: Adopt Resolution #23-174 Resolution Approving Preliminary Term Sheet for Presbyterian Homes Housing Project; Haviland Fields Purpose/Background: The purpose of this case is to evaluate and provide feedback relating to potential financial assistance on a proposed housing project by Presbyterian Homes on the Lord of Life Church site at 14501 Nowthen Blvd NW with a Tax ID number of 25-32-25-24-0059. Presbyterian Homes has approached the City and requested 11.36M in PayGo Tif Financing over 25 years for its 460 unit housing project . The project consists of senior, 20% affordable and market -rate products. The Developer will provide a detailed presentation to the City Council outlining the project and the assistance request and will be available for questions. The Developer has provided $ 11,000 to the city to process the TIF Application, current and future analysis, and to draft necessary documents if approved. The EDA reviewed this proposal on July 13, 2023 and made a formal recommendation for approval of the attached Term Sheet which includes a reduced amount of assistance totaling $9.263M in Pay -Go TIF Financing over 20 yearsand to consider language identifying the number of units for each housing type. The Developer is looking for support from the City Council of the 460-unit housing project, which includes senior, market rate and affordable housing, and support for a level of TIF financial assistance for this project. Notification: N/A Time Frame/Observations/Alternatives: Project Description: The Developer will provide a presentation the City Council. The City has worked with Ehlers to draft a term sheet defining possible parameters of a potential assistance package for the 2 phase project on the Lord of Life site. The existing church will remain as part of this project. Details for the two-phase project are below: Phase 1 will include the construction and equipping of a multi -story, approximately 280-unit general occupancy apartment with at least 20% of the units occupied or held for occupancy by persons and families whose incomes do not exceed 50% of area median income to qualify for TIF financing, and underground and surface parking stalls. (2024-2025) Phase 2 will include the construction and equipping of a multi -story, approximately 160-unit senior (62+) apartment and 20 (55+) rental park homes and with at least 20% of the units occupied or held for occupancy by persons and families whose incomes do not exceed 50% of area median income to qualify for TIF financing, and underground and surface parking stalls. (2025-2026) • Tax Assessed Project Valuation - $104,371,600 • Annual Taxes (Estimate) - $1,292,366 • 5.3M Base Taxable Value established (Not TIF) • 16 new jobs with average wages of $26.00/hr. • Provision of affordable, senior and market -rate housing • Approx. $150M in private investment