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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 1 <br /> STAFF REPORT Report Number: 94-1027WS <br /> �C w° p <br /> Re ort Date: 1 2-29-93 <br /> AGENDA SESSION DATE January 3, 1994 <br /> DISPOSITION <br /> Item Description: Presentation of Senior Housing Project by the Westminster Corporation <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> Last Monday, I met with Joseph Holmburg, Vice President of the Westminster <br /> Corporation and Jeffery R. Huggett of Huggett Real Estate Services <br /> regarding their proposal to build 80 units of low to moderate income rental <br /> senior housing on the property behind Win Insurance on Silver Lake Road. <br /> According to their preliminary proposal, proposed rents would be <br /> approximately $450 for one bedroom units, $550 for two bedroom units with <br /> a ratio of 60% one bedroom to 40% two bedroom units. <br /> Their rationale for building low to moderate income rental units is the <br /> availability of tax credits to reduce the total project cost. Westminster <br /> is a non-profit corporation affiliated with the Archdiocese of St. Paul and <br /> plans to utilize its non profit status to take advantage of all available <br /> financing tools - including a request for Tax Increment Financing from the <br /> City to essentially "buy down" the rents to the aforementioned levels. <br /> One of the concerns that Westminster has is the availability of TIF for <br /> this project. I have shared with them the desire of the City to have a <br /> senior housing project in the City, but noted that the specific issue of <br /> low-mod income senior housing has not ever been addressed. Another issue <br /> is the term of the district should the project (in whatever form) proceed. <br /> They need a financing plan which would allow 15 years of increment on a <br /> pay-as-you-go basis. I shared with them the Council's reluctance to grant <br /> more than 12 years to C/I proposals, but a senior housing project is a <br /> different type of project which may be evaluated differently by the <br /> Council. <br /> S mantha Ordu o, Ci y Admini trator <br /> RECOMMENDATION: <br />