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RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT
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RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT
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3/25/2021 2:41:48 PM
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3/25/2021 12:50:15 PM
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<br />EXHIBIT C <br /> <br />PROJECT DESCRIPTION; QUALIFIED COSTS <br />Project Description <br />The Project involves the construction of a 135-unit senior care facility with independent <br />living, assisted living and memory care. <br />Affordability Requirements: <br />At least 7-units (or, 5% of the total units) will be affordable to households at or below 50% <br />of the Area Median Income. The monthly rental cost for an affordable dwelling will include rent <br />and utility costs for the metropolitan area that includes St. Anthony adjusted for bedroom size and <br />calculated annually by the Department of Housing and Urban Development and posted by <br />Minnesota Housing for establishing rent limits for the Housing Tax Credit Program. Such <br />affordability requirements shall be in effect for a term of fifteen (15) years. <br />Qualified Costs <br />The estimated public costs of the TIF District are listed below. Such costs (“Qualified <br />Costs”) are eligible for reimbursement from tax increments of the TIF District. The categories <br />below identify the categories of expenses that the parties agree may be reimbursed through tax <br />increment financing. The amounts assigned to each category are estimates only and not <br />independent limitations of the actual amount incurred within each category or of the total amount <br />of Developer’s Qualified Costs. <br /> <br />Demolition $ 63,610 <br />Site Utilities 2,155,193 <br />Roads & Walks (City Extension) 61,709 <br />Soil Remediation 137,740 <br />$2,418,252* <br />Total <br /> <br /> <br />* Developer’s Qualified Cost. The total principal amount of any and all tax increment notes issued <br />to reimburse the Developer for Qualified Costs of the Project will not exceed $2,350,000. <br /> <br />C-1 <br /> <br />
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