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<br /> <br /> <br />REQUEST FOR COUNCIL CONSIDERATION  <br />  <br />  <br />Meeting Date: May 22, 2018 <br /> <br /> <br />Resolution Supporting Affordably Priced Housing at 2401 Lowry Avenue <br /> <br /> <br />OVERVIEW: <br /> <br />In front of you this evening is a memo from Aeon and a Resolution to Support Affordably Priced Housing at <br />2401 Lowry Avenue (current Bremer Bank). Aeon is asking the City to endorse Aeon’s application to the <br />Minnesota Housing Finance Agency (MHFA) for low-income housing tax credits (LIHTC). This application <br />includes a total of $1,000,000 in tax increment financing (TIF) in order to help facilitate the financing of the <br />affordable housing project. The Resolution provides that the City will provide TIF subject to the requirements <br />of State law and the negotiation of an agreement acceptable to the City. <br />There has been no land use application submitted. Per the Aeon memo, Aeon anticipates submission in the late <br />fall of 2018 depending on funding commitments. <br />A representative from Aeon will be present at tonight’s meeting. <br /> <br /> <br /> <br /> <br />  <br /> <br />  <br />41