08/23/2010 Council Packet - Laserfiche WebLink

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• • AGENDA ITEM 6 D STAFF ORIGINATOR: Jeff Smyser C. C. MEETING DATE: August 23, 2010 TOPIC: Resolution No. 10 -73 Continuing Participation in Livable Communities Act Program, 2011 -2020 VOTE REQUIRED: 3/5 BACKGROUND The Minnesota Legislature adopted the Livable Communities Act (LCA) in 1995. This law assigned the program to the Metropolitan Council and created several accounts for funding specified activities. Through the use of competitive grants as incentives, the various funds provide assistance for housing, development, and redevelopment. In order to be eligible for these funding programs, a city must participate in the Local Housing Initiatives Account Program under the LCA. Lino Lakes has participated in this program since 1995 and has benefited from four grants totaling $1,645,000. Continuing with the program continues the City's eligibility for future grants. which is consistent with the City Council's direction to pursue additional grant funding. Under the law, participation includes the adoption of goals for life -cycle and affordable housing. The initial goal period ran 1996 -2010. To continue to participate in the LCA program, the City would establish new goals for the next ten years (2011- 2020). The old and new goals are compared below. New goals are to be adopted by September 1. Participation also requires the expenditure of a specified amount of money to support opportunities for lifecycle and affordable housing. The tax increment finance district within the Legacy At Woods Edge project is generating funds to service the bonds for the 1 -35 W interchange and the intersection improvements at Town Center Parkway. These infrastructure improvements were needed for the Legacy project, which in turn created the possibility for the lifecycle housing within it. Because of this, the Met Council has agreed that the tax increment being spent meets the requirement of the program. The increment will be ample to cover this requirement for years to come. In addition, LCA participation requires a Housing Action Plan outlining the steps the City will take to help meet the goals. Much or all of the Action Plan can be taken from the housing section of the draft new comprehensive plan. If the City Council chooses to continue LCA participation, staff will prepare the Housing Action Plan, which is due December 1. LCA Grant Funds and Grants to Lino Lakes The LCA created the Metropolitan Livable Communities fund, which includes the following funding accounts. Eligibility for grants from these funds is an incentive for participating in the