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Only the portion of parcel 06-29-22-23-0026 to be combined with parcel 06-29-22-31-0049 will be
<br />included in District No. 3-3, to be platted as Lots 1 and 2, Block 1, Garden Terrace. The remaining
<br />portion of parcel 06-29-22-23-0026 w ill remain in District No. 3-2.
<br />Subsection 3-6.Classification of the District
<br />The EDA and City, in determining the need to create a tax increment financing district in accordance with
<br />M.S., Sections 469.174 to 469.179, as amended, inclusive, find that the District, to be established, is a
<br />housing district pursuant to M.S., Section 469.174, Subd. 11 as defined below:
<br />"Housing district" means a type of tax increment financing district which consists of a project, or
<br />a portion of a project, intended for occupancy, in part, by persons or families of low and moderate
<br />income, as defined in chapter 462A, Title II of the National Housing Act of 1934, the National
<br />Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act
<br />of 1949, as amended, any other similar present or future federal, state, or municipal legislation, or
<br />the regulations promulgated under any of those acts. A district does not qualify as a housing district
<br />under this subdivision if the fair market value of the improvement s which are constructed in the
<br />district for commercial uses or for uses other than low and moderate income housing consists of
<br />more than 20 percent of the total fair market value of the planned improvements in the development
<br />plan or agreement . The fair market value of the improvements may be determined using the cost of
<br />construction, capitalized income, or other appropriate method of estimating market value. Housing
<br />project means a project, or portion of a project, that meets all the qualifications of a housing district
<br />under this subdivision, whether or not actually established as a housi ng district.
<br />In meeting the statutory criteria the EDA and City rely on the following facts and findings:
<br />9 The District consists of four parcels.
<br />9 The development will consist of an approximately 35-unit multi-family residential rental senior housing
<br />addition to the existing senior housing facility known as "Garden Terrace" designed for persons or
<br />families of low and moderate income and an approximately 78-unit multi-family residential rental senior
<br />housing facility known here as "Village Square at Little Canada" designed for persons or families of low
<br />and moderate income over approximately 14,000 square feet of commercial/retail space;
<br />9 For rental housing units, the City will comply with applicable income restrictions pursuant to M.S.,
<br />Section 469.1761, Subd. 3. (See Appendi x E);
<br />9 The market value of non-assisted housing or commercial property will be less than 20% of the total fair
<br />market value of the planned improvements.
<br />Pursuant to M.S.469.176 Subd. 7 , the District does not contain any parcel or part of a parcel that qualified
<br />under the provisions of M.S 273.111 or 273.112 or Chapter 473H for taxes payable in any of the five
<br />calendar years before the filing of the request for certification of the District.
<br />Subsection 3-7.Duration of the District
<br />Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District must
<br />be indicated within the Plan. Pursuant to M.S., Section 469.176, Subd. 1b , the duration of the District will
<br />be 25 years after receipt of the first increment by the EDA or City (a total of 26 years). The date of receipt
<br />by the City of the first tax increment is expected to be 2005. Thus, it is estimated that the District, including
<br />any modifications of the Plan for subsequent phases or other changes, would terminate after 2030, or when
<br />Economic Development Authority of the City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 3-3 3-3
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