Laserfiche WebLink
MINUTC~ S <br />CITY COUNCIL <br />APRIL 16, 1997 <br />Brachman pointed out; however, that many of the tenants miss the 60% of <br />median income needed to qualify for tax credits by only $100 to $200. <br />Brachman also pointed out that the percenta~es of 63% in 1996 and 65% <br />in 1997 show that there have been no major changes in tenant mix at The <br />Provinces since Dominium took over the property. <br />Fahey pointed out it is clear that had the property been targeted at l00% <br />tax credits, Dominium would have to ~narket it to people who qualify. <br />Morelan stated that he assumed tlie tei~ants who left since April of 1996 <br />were non-qualifying. <br />Brachman replied that not all who have left were non-qualifying. <br />Scalze as]<ed liow Dominium obtained the income and household size <br />information. Brachman reported that this information must be provided <br />when someoi~e mal<es application for a unit. IC is parC of the qualifyin~ <br />process that Dominium has for prospective tenants. <br />Fahey asked if this information is sufficient for qualifying for tax credits. <br />Brachman replied that fhird party verification of income levels is required <br />for tax credits. Brachman reported that tax credits have to be re-certified <br />annually. Once a tenant is qualified initially, however, their income level <br />can inerease up to 140% without loss of the tax credit, even if the income <br />level ei~ds up above 60% of inedian. <br />Fak~ey felt if the buildings can be sprinklered, then he would support an <br />increase in tax credits up to the percentage that would have qualified when <br />the building was purchased. <br />Scalze asked if rehab of The Provinces has been completed, and the cost <br />of that rehab. Urness replied that purchase and renovation of The <br />Provinces cost $3.8 million, which includes architectural fees and <br />engineering fees. <br />Scalze aslced where the extra dollars would go if the City were to approve <br />100% tax credits. <br />Brachman replied that the money would go to pay for rehab of the <br />buildings as well 1s toward more rehab of the complex. <br />There was discussion as to the cost of rel~ab and the actual work done. <br />Brachman reported that there was replacement of carpeting and appliances <br />as well as work done on decks and garages. Dominium put in <br />2 <br />