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<br /> NORTHWEST ASSOCIATED CONSULTANTS, INC. <br /> __________________________________________________________________ <br /> 4150 Olson Memorial Highway, Ste. 320, Golden Valley, MN 55422 Telephone: 763.957.1100 Website: www.nacplanning.com <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />TO: Mayor Stille and St. Anthony Village City Council <br />Mark Casey, City Manager <br />Charlie Yunker, Assistant to the City Manager <br /> <br />FROM: Stephen Grittman <br />DATE: August 26, 2020 <br />RE: St. Anthony Village – TIF Project History/Housing Development <br />FILE NO: 323.02 <br /> <br />This memorandum provides a summary of the City’s use of Tax Increment Financing (TIF) for <br />housing development and/or redevelopment over the past several years. The City Council <br />requested this data as a part of its review of TIF fund usage, and how those projects have <br />included efforts to address affordability in the community. This report relies significantly on <br />material provided by the City’s financial consultant, Stacie Kvilvang of Ehlers and Associates. <br /> <br />The City has created two TIF Districts over this span. The Chandler Place TIF addresses a single <br />project as a Housing District TIF. The Silver Lake Village TIF (District 3-5), eventually addressed <br />several projects, which will be summarized below. <br /> <br />Chandler Place. This project was established in 1985, and provided funds for an existing nursing <br />home to augment its facilities with an assisted living project. The Chandler Place Assisted Living <br />facility was added to the St. Anthony Health Center. Chandler Place consists of 119 units of <br />assisted living and memory care. The TIF proceeds from this Housing District project were <br />utilized for various expenses that permitted the addition of the facility on land already owned <br />by the Health Center. <br /> <br />As a housing district, the requirements provided that at least 20% of the units be affordable to <br />persons at 50% or less of Area Median Income (AMI). As an assisted living facility, the 24 <br />affordable units are allocated to senior residents. Chandler Place is located along the north side <br />of 37th Ave. NE between Chandler Drive and Foss Road.