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3 <br /> <br /> <br />4. Minimum Improvements: Construction of a new multifamily housing building with 160- <br />units containing 17 1-bedroom units, 112, 2-bedroom units and 45 3-bedroom units with 167 <br />underground parking spaces and 153 surface parking spaces. <br /> <br />5. Additional Developer Obligations: The developer will agree to finance public infrastructure <br />improvements, stormwater improvements, and costs related to moving Flameburger to the building <br />next door. Below table outlines the budget for additional costs. Most additional project expenses <br />below are unique to this project and wouldn’t typically be budgeted for without public assistance. <br /> <br />Additional Costs Amount <br />City Sidewalks $300,000 <br />Stormwater $250,000 <br />Flameburger Buildout $340,000 <br />Flameburger Restaurant Equipment $250,000 <br /> <br />Total $1,140,000 <br /> <br /> <br />5. Housing District Qualifications: All of the 160 apartment units will be occupied by <br />persons/families with households whose annual income is 60% or less of the area median <br />income. 3 units will be occupied by tenants at 30% area median income. <br /> <br />• Housing TIF District Income Requirements <br />a) at least 40% of rental units will be occupied by persons or families with incomes no <br />greater than 60% of area median income (include language that 100% of the units will <br />be occupied by persons/families with incomes no greater than 60% AMI) <br />b) No more than 20 percent of the square footage of buildings that receive assistance <br />from tax increments may consist of commercial, retail, or other nonresidential uses <br />c) Income limitations will apply for the duration of the TIF District <br /> <br />6. Construction Schedule: Commence construction by June 30, 2025, and, subject to <br />unavoidable delays, 50% of construction complete by June 30, 2026 and 100% of construction <br />completed by December 31, 2026. <br />7. TIF Note: TIF Note to be issued upon certification of completion and occupancy following <br />construction of the project. Actual TIF Note amount will based on Metropolitan Council LCDA <br />grant award (application was submitted August 12 and award expected late fall 2024). <br />7. Business Subsidy Act Requirements (Minnesota Statutes, Section 116J.993 through 116J.995): <br />(a) exempt per housing clause