RES 18-044 A RESOLUTION SUPPORTING AFFORDABLY-PRICED HOUSING AT 2401 LOWRY AVENUE

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CITY OF ST. ANTHONY VILLAGE STATE OF MINNESOTA RESOLUTION 18 -044 SUPPORTING AFFORDABLY - PRICED HOUSING AT 2401 LOWRY AVENUE WHEREAS, the project being developed by Aeon (the "Developer ") consists of approximately 70 rental apartment units targeted as affordably - priced housing — all occupied by residents with incomes below 60% area median income — for individuals and families (the "Project "); and WHEREAS, the Project will be owned by a limited partnership to be formed by Aeon; and WHEREAS, Bremer Bank National Association ( "Owner ") is the current owner of 2401 Lowry Avenue ( "the Property ") and wishes to remain at the Property after completion of the Project as an operator of a Bremer Bank branch; and WHEREAS, the Developer and Owner signed an Offer to Purchase the Property on April 24, 2018 and WHEREAS, the Developer is currently seeking funding from several sources to construct the project in 2019; and WHEREAS, a variety of grants or other public financial assistance will be required to build the Project including low- income housing tax credits ( "LIHTC ") from the Minnesota Housing Finance Agency (the "MHFA "); and WHEREAS, the Project will be developed as a housing project in accordance with the requirements of Minnesota Statutes §§ 469.174 to 469.1794 (the "TIF Act'), including but not limited to the requirements set forth in Minnesota Statutes § 469.1761; and WHEREAS, the Project is estimated to cost approximately $18,700,000 and the Developer is requesting L$1,000,000_] in tax increment financing from the City; and WHEREAS, the City and the Developer will negotiate an Agreement governing the Project that will satisfy all requirements of the TIF Act; and WHEREAS, subject to the requirements of the Redevelopment Agreement governing the Project and the requirements of the TIF Act, the City will establish a tax increment financing housing district and pledge the tax increment to secure a loan for the project as a local contribution and will further assist the Developer in securing the approvals from the MHFA for LIHTC. US. 117831112.02