06-24-2019 Council Packet - Laserfiche WebLink

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Kennedy 470 U.S. Bank Plaza 200 South Sixth Street Minneapolis MN 55402 & Graven (612) 337-9300 telephone (612) 337-9310 fax http://www.kennedy-graven.com C H A R T E R E D MEMORANDUM TO: Michael Grochala Community Development Director, City of Lino Lakes FROM: Julie Eddington DATE: June 13, 2019 RE: Tax Increment Eligible Expenditures for Lyngblomsten Housing Development ________________________________________________________________________ Mike, Lyngblomsten Senior Housing, Inc. (the “Developer”) has proposed a housing development in the City of Lino Lakes which consists of (i) a senior rental housing facility containing at least 143 rental units, comprised of approximately 93 independent living units and approximately 50 assisted living units (the “Senior Building”); (ii) subject to the Developer obtaining the proper licenses from the State of Minnesota, a separate wing of the senior rental housing facility containing 56 units of skilled nursing units (iii) 20 detached townhomes; (iv) a clubhouse; and (v) various public infrastructure improvements (including dedication of land for such improvements). Lyngblomsten has requested tax increment assistance for the housing project. For housing tax increment districts, Minnesota law requires that: • No more than 20% of the square footage of buildings that receive assistance from tax increments may consist of commercial, retail, or other nonresidential uses; and • At least 20% of the units in buildings receiving tax increment assistance must be occupied by persons with incomes no greater than 50% of the area median gross income or at least 40% of the units in a building receiving tax increment assistance must be occupied by persons with incomes no greater than 60% of the area median gross income.