My WebLink
|
Help
|
About
|
Sign Out
Home
Search
06-24-2019 Council Packet
LinoLakes
>
City Council
>
City Council Meeting Packets
>
1982-2020
>
2019
>
06-24-2019 Council Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/30/2021 1:08:48 PM
Creation date
10/16/2019 12:12:53 PM
Metadata
Fields
Template:
City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
Regular
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
167
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
Lino Lakes Economic Development Authority, Minnesota <br />BAKER TILLY Page 2 <br /> <br /> <br />1. redevelop blighted areas as identified <br />2. provide housing opportunities within the community <br />3. provide employment opportunities within the community. <br />4. improve the tax base of Lino Lakes and the general economy of the City and State; <br />5. implement relevant portions of the Comprehensive Plan. <br /> <br />The Authority’s specific purpose in establishing TIF District No. 1-13 is to aid in the construction of a senior living care <br />campus comprising of independent living, assisted living, memory care, skilled care and detached townhomes of <br />which the intended age for occupants is 55+. The Authority intends to use increment generated by the new <br />development to assist with financing a portion of the extraordinary onsite and offsite costs directly related to the <br />senior care building including acquisition, underground and surface parking, streets, public utilities, and public <br />improvements to gain access to the site. <br /> <br /> <br />Section E Designation of Tax Increment Financing District as a <br /> Housing District <br /> <br />Pursuant to the TIF Act, the City seeks to create Tax Increment Financing (Housing) District No. 1-13 and adopt a <br />TIF Plan for the TIF District. The City will review the TIF Plan prior to City adoption. TIF District No. 1-13 is a housing <br />district. <br /> <br />Housing districts are a type of tax increment financing district that consist of a project intended for occupancy, in part, <br />by persons or families of low and moderate income. Low and moderate income is defined in federal, state, and <br />municipal legislation. A project does not qualify if more than 20% of the square footage of buildings that receive <br />assistance from tax increments consist of commercial, retail or other nonresidential use. <br /> <br />In addition, housing districts are subject to various income limitations and requirements for residential property. For <br />owner occupied residential property, 95% of the housing units must be initially purchased and occupied by individuals <br />whose family income is less than or equal to the income requirements for qualified mortgage bond projects under <br />section 143(f) of the Internal Revenue Code. For residential rental property, the property must satisfy the income <br />requirements for a qualified residential rental project as defined in section 142(d) of the Internal Revenue Code. <br /> <br />The TIF District meets the above qualifications for these reasons: <br /> <br />1. The planned improvements consist of the following: <br /> <br />a. Approximately 150 total units, for which the following will apply: <br /> <br />o 150-unit senior housing building with at least 20% (30) of the rental units will be occupied by <br />persons with incomes no greater than 50% of county median income <br /> <br />2. At least 80% of the proposed development will be used for residential purposes. <br /> <br />3. The City will require in the development agreement that the income limitations for the rental units in the <br />senior building will apply for the duration of the TIF District. <br /> <br /> <br />Tax increments derived from a housing district must be used solely to finance the cost of housing projects as defined <br />in section 469.174, subd. II and 469.176 of the TIF Act. The cost of public improvements directly related to the <br />housing projects and the allocated administrative expenses of the City may be included in the cost of a housing <br />project. The City anticipates using tax increment revenues to finance a portion of the extraordinary costs associated <br />with providing the affordable housing units. <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.