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MINUTES <br />CITY COUNCIL <br />AUGUST 26, 1992 <br />Tax Increment District for the senior citizen housing <br />project. This hearing would need to be scheduled for <br />the September 23rd meeting. The Administrator reported <br />that the proposal is for TIF assistance in development <br />costs which will serve to hold down rental rates for <br />tenants. All units in the complex will be Section 8 <br />income guidelines eligibility meaning rents will be <br />geared to low and moderate income levels. <br />Lindh reported that the commitment is that rents will <br />be at or below HUD guidelines. <br />Scalze stated that it was her understanding that some <br />seniors were not eligible for the existing senior <br />housing because their income levels are too high. <br />Lindh replied that this will not be the case in the <br />proposed project. Lindh reported that the project will <br />not be a Section 8 project for rent subsidies whose <br />rents are based on a percentage of income. Rather, <br />Presbyterian Homes will commit to rents at or below a <br />certain level. Anyone will be able to rent the units, <br />but the commitment will be there to keep rents within a <br />certain guideline. <br />Collova asked if applicants will not be disqualified <br />because they have a lot of money in the bank. <br />Lindh replied that this is correct, however, with the <br />TIF financing there may be the requirement to rent a <br />certain percentage of the units to moderate or low <br />income. <br />The City Administrator agreed that the City will have <br />to show some evidence that a percentage of units are <br />rented to low or moderate income seniors. However, not <br />all units must be rented to low or moderate income. <br />This is a requirement of the Community Development <br />Block Grant. <br />Blesener pointed out that it is the City's intent not <br />to preclude any interested seniors from the project. <br />Mr. LaValle introduced the following resolution and <br />moved its adoption: <br />RESOLUTION N0. 92-8-291 - CALLING FOR A PUBLIC HEARING <br />ON DEVELOPMENT DISTRICT PLAN AND TAX INCREMENT <br />FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT N0. <br />5 FOR SEPTEMBER 23, 1992 AT 7:30 P.M. <br />The foregoing resolution was duly seconded by Scalze. <br />Ayes (5) LaValle, Scalze, Hanson, Blesener, Collova. <br />Nays (0). Resolution declared adopted. <br />Page 14 <br />