06-22-1998 - Laserfiche WebLink

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• Page 8 June 22, 1998 Mounds View City Council Prairie. It was stated that the development must be 90 percent presold before HUD will underwrite the financing. A senior, 62 years of age or older is given the opportunity to buy a share of the cooperative and in return receives the right to rent an apartment in the building at a very reasonable rate. The share owner still has the tax advantage of home ownership because the cooperative pays mortgage interest, property taxes, and maintenance on the building. There are accounts set up to pay the taxes, building maintenance and other fees associated with running the facility. Management of the facility is usually contracted out to Realife. When a cooperative member pass away or no longer wants to be a cooperative owner, his or her share is put up for sale. The share can be passed along as part of an inheritance. But if it is not to be used by someone 62 or older, it must be sold to a person that is on the cooperative's waiting list. The facilities have underground parking and over 25, 000 square feet of common space that includes libraries, game rooms, quite rooms, and work shops. Each floor of the facility has a free laundry facility for the residents of the floor. Stigney asked what implication the project would have on the taxes generated by the facility. Jopke told the Council the EDA had previously approved a tax increment subsidy for the project. The subsidy will have to be reviewed because there will be a decrease in the taxes generated in the potential increment collected on the project. No signed agreement has been reached in regards to the tax portion of the project. Koopmeiners closed the public hearing and opened the Council Meeting. MOTION/SECOND: Quick/Gunn to approve Resolution No. 5243, a Resolution Approving a PUD Amendment to the Silverview Estates PUD and Development Review for a Senior Cooperative housing Development with the following amendments: Consideration of the 25' setback as stated in staffs report 2. The addition of a sidewalk in the vicinity of County Road I and Silver Lake Road, adequately sized to accommodate a bench and adequate standing space in the area, design to be approved by staff. Assess the tax implications of the reduced increment funds that will be generated by the project, contingent that the results are satisfactory to the City. • VOTE: Ayes - 4 Nays - 0 Motion carried.