HomeMy WebLinkAboutResolution No. 2015-048 Supporting Affordable Housing 3330 W 66th Street 9ZNA,
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RESOLUTION NO. 2015-48
SUPPORTING AFFORDABLY-PRICED HOUSING AT 3330 WEST 66T" STREET
BE IT RESOLVED by the City Council of the City of Edina, Minnesota as follows:
WHEREAS, the project being developed by the Beacon Interfaith Housing Collaborative
(the "Developer") consists of 39 efficiency apartment units targeted as affordably-priced housing
for teenagers and young adults who were formerly homeless (the "Project"); and
WHEREAS, the City Council approved the re-zoning of the property in October 2014
and modified the Comprehensive Plan to allow this type of use in the developers preferred
location in November 2014 after concurrence by the Metropolitan Council; and
WHEREAS, the Developer acquired the property in October 2014 and is currently
seeking funding from several sources to construct the project in 2016; and
WHEREAS, a variety of grants or other public financial assistance will be required to
build the Project including housing tax credits from the Minnesota Housing Finance Agency (the
"MHFA"); and
WHEREAS, the Project will be designed to encourage increased walkability in the
Southdale district; and
WHEREAS, the Project will be developed with the requirements of Minnesota Statutes
Section 469.174 to 469.1794 (the "TIF Act"); and
WHEREAS, the Project will be developed consistent with Resolution 2014-139 and
Ordinance 2014-17 allowing affordable housing with supportive service in the Regional Medical
District; and
WHEREAS, the Project is estimated to cost approximately $10,505,000 and the
Developer is requesting $550,000 in tax increment from the City; and
WHEREAS, the City and Developer will negotiate and enter into a Redevelopment
Agreement governing the Project and will satisfy all requirements of the TIF Act; and
CITY OF EDINA
4801 West 50th Street•Edina,Minnesota 55424
www.EdinaMN.gov•952-927-8861 • Fax 952-826-0389
WHEREAS, the City will establish a new housing TIF district pursuant to the TIF Act and
2014 Minnesota Session Laws, Chapter 308, Article 6, Section 8 (the "Edina Legislation") that will
include the Property (the "Housing TIF District"). The tax increment within the Housing TIF
District for the Project will be generated from the City of Edina, Southdale 2 tax increment district
(the "Southdale 2 district") in reliance on the Edina Legislation; and
WHEREAS, the establishment of a tax increment financing district for the Project and
the pledging of the tax increment to secure a loan for the project is a local contribution and will
assist the Developer in securing the approvals from the MHFA for housing tax credits.
NOW THEREFORE, BE IT RESOLVED,the City of Edina endorses the Developer's
application for housing tax credits as administered by MHFA; and
BE IT FURTHER RESOLVED, the City shall provide, in accordance with the
requirements of this Resolution, a total of $550,000 in order to facilitate the financing of the
Project. If MHFA funding is not approved by December 1, 2016, the City may rescind its financing
commitment to the Project in order to fund another affordable housing project.
Dated: May 6, 2015
Attest: Irmo -_--___-
Debra A. Mangen, City Cler James B. Hovland, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached and
foregoing Resolution was duly adopted by the Edina City Council at its Regular Meeting of May 6, 2015, and as
recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of the City this day of 2015.
City Clerk