HomeMy WebLinkAboutRES 18-044 A RESOLUTION SUPPORTING AFFORDABLY-PRICED HOUSING AT 2401 LOWRY AVENUECITY 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
NOW THEREFORE, BE IT RESOLVED, the City of St. Anthony Village endorses the
Developer's application for LIHTC as allocated by the MHFA; and
BE IT FURTHER RESOLVED, the City shall provide, subject to the requirements and
conditions of this Resolution, a total of L$1,000,000J in tax increment financing in order to
facilitate the financing of the Project. If MHFA funding is not approved by December 1, 2020,
the City may rescind its financing commitment to the Project Lin order to fund another affordable
housing project.
Adopted this 22nd day of May, 2018.
ATTEST:
Nicol$ Miller, City
O. Faust, Mayor
Review for Administration: /&A col /
Mark Casey, City MaKager
US.117831112.02
ACKNOWLEDGEMENT OF RECEPTIVITY
OF A METROPOLITAN COUNCIL
LCA FUNDING AWARD
The ("Grantee") agrees to accept and make available in a timely manner to
(city/ ownship, county, development authority)
the Request for Proposal (RFP) Applicant, Aeon any Local Housing Incentives
Account (LHIA) award to the Grantee to assist the housing development or activity proposed in this application, if
such an award is made, and to provide the funding match as required by state statute. The Grantee certifies that the
housing development, for which the application is submitted, is located in City of St. Anthony which is a
(city/township)
participant in the Metropolitan Council's Livable Communities LHIA program.
to
PROPOSED PROJECT INFORMATION (Required for grant contracting purposes)
2401 Lowry Avenue
Project Name
Street boundaries or major
INFORMATION
2401 Lowry Avenue
Avenue and Stinson Parkway
St. Anthony Village
PROJECT STAFF CONTACT INFORMATION
Aubrie Gould 901 N. 3rd Street, Suite 150 Minneapolis 55401
Contact Name Address City Zipcode
(612) 746-0537 (612) 341-4208 agould@aeommn.org
Fax Number E-mail address
Phone Number
, HOUSING/DEVELOPMENT AUTHORITY) CONTACT INFORMATION
Mark Casey City Manager 612-782-3311 mark.casey@savmn.com
Contact Name Title Phone E-mail Address
VaA
Mark Casey
GRANTEE'S "AUTHORIZED OFFICIAL" CONTACT
City Manager
Name Title
Signature
612-782-3311
Phone
TION
mark.casey@savmn.com
E-mail Address