07-09-2002 Council Agenda - Laserfiche WebLink

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4. The EDA or City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public streets work within the District. Subsection 3 -5. Description of Property in the District and Property To Be Acquired The District encompasses all property and adjacent rights-of-way identified by the parcels listed below. See the map in Appendix B for further information on the location of the District. Parcel Numbers* 06- 29 -22 -23 -0026 06- 29 -22 -32 -0012 06- 29 -22 -32 -0019 06- 29 -22 -31 -0049 * Parcels may be re platted prior to the public hearing. The City currently owns property to be included in the District. Subsection 3 -6. Classification of the District The EDA and City, in determining the need to create a tax increment financing district in accordance with MS., Sections 469.174 to 469.179, as amended, inclusive, find that the District, to be established, is a housing district pursuant to MS., Section 469.174, Subd. 11 as defined below: "Housing district" means a type of tax increment financing district which consists of a project, or a portion of a project, intended for occupancy, in part, by persons or families of low and moderate income, as defined in chapter 462A, Title 77 of the National Housing Act of 1934, the National Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act of 1949, as amended, any other similar present or future federal, state, or municipal legislation, or the regulations promulgated under any of those acts. A district does not qualift as a housing district under this subdivision if the fair market value of the improvements which are constructed in the district for commercial uses or for uses other than low and moderate income housing consists of more than 20 percent of the total fair market value of the planned improvements in the development plan or agreement. The fair market value of the improvements may be determined using the cost of construction, capitalized income, or other appropriate method of estimating market value. Housing project means aproject, or portion of aproject, that meets all the qualifications of a housing district under this subdivision, whether or not actually established as a housing district. In meeting the statutory criteria the EDA and City rely on the following facts and findings: ❑ The District consists of four parcels. ❑ The development will consist of an approximately 35 -unit multi-fain ily residential rental senior housing addition to the existing senior housing facility known as "Garden Terrace" designed for persons or families of low and moderate income and an approximately 78 -unit multi- family residential rental senior housing facility known here as "Village Square at Little Canada" designed for persons or families of low and moderate income over approximately 14,000 square feet of commercial/retail space; ❑ For rental housing units, the City will comply with applicable income restrictions pursuant to MS., Section 469.1761, Safbd. 3. (See Appendix E); Economic Development Authod ly of the City of Liltle Canada fax Increment Financing Plan for Tax Increment Finmwing District No. 3 -3 3 -2