10/06/2004 Council Minutes - Laserfiche WebLink

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• • • CITY COUNCIL WORK SESSION OCTOBER 6, 2004 APPROVED 1 E. The Developer must pay the City and EDA's out-of-pocket costs in 2 connection with this project. 3 4 F. The financial assistance is exempt from statutory business subsidy law 5 requirements, because the Developers investment in land and site improvements 6 will exceed 70% of the current market value of the TIF Parcel. 7 8 III. Minimum Improvements and Additional Improvements. 9 10 A. Generally, the Developer is required to develop the entire Development 11 Property according to a specified phasing schedule. Improvements built within 12 the TIF District are referred to as the "Minimum Improvements," and the 13 improvements built outside the TIF District are referred to as the "Additional 14 Improvements." 15 16 B. The Minimum Improvements consist of a "Commercial Component," a 17 "Rental Housing Component," and an "Owner -Occupied Housing Component." 18 The required construction schedule for these components is summarized as 19 follows: 20 21 Commercial Component: 47,200 square feet by the end of 2006; 22 additional 52,200 square feet by the end of 2007; additional 10,000 square feet by 23 the end of 2008; and additional 5,000 square feet by the end of 2009. 24 25 Rental Housing Component: 16 units by the end of 2005; additional 32 26 units by the end of 2006; and additional 16 units by the end of 2007. 27 28 Owner -Occupied Housing Component: 41 units by the end of 2005; 29 additional 41 units in each of the years 2006, 2007 and 2008. 30 31 C. The Additional Improvement requirements and phasing schedule to be 32 determined. [Note: these improvements do not generate tax increment.] See part 33 D, below for discussion of particular covenants that may apply to the Additional 34 Improvements. 35 36 D. Covenants regarding housing types. 37 38 1. At least 60 percent of all housing units (inside and outside the TIF 39 Distsrict combined) must be owner -occupied. 40 41 2. At least 60 housing units (inside and outside the TIF District 42 combined) must be senior, whether owner -occupied or rental. If owner - 43 occupied, they may be the same units that are "affordable," as described 44 below. 45 46 3. At least 90 units (inside and outside the TIF District combined) 47 must be affordable as described in this paragraph.