Title
RESOLUTION APPROVING DEDA RESOLUTION 25D-31 AUTHORIZING DEDA TO ENTER INTO A DEVELOPMENT AGREEMENT WITH ONE ROOF COMMUNITY HOUSING AND BRAE VIEW LLLP FOR THE DEVELOPMENT OF THE BRAE VIEW PROJECT GRANTING AN AMOUNT UP TO $3,132,143
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CITY PROPOSAL:
RESOLVED, pursuant to Resolution 10-0229, the city council hereby approves Resolution No. 25D-31 of the Duluth Economic Development Authority (“DEDA”) authorizing the proper DEDA officials to enter into a development agreement, substantially in the form of Exhibit A attached hereto, with One Roof Community Housing and Brae View LLLP, for the development of the Brae View project to include a grant for the project in the amount not to exceed $3,132,143.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to obtain City Council’s approval of DEDA Resolution No. 25D-31 authorizing the proper DEDA officials to enter a Development Agreement with One Roof Community Housing and Brae View, LLLP for the construction of Brae View Apartments. The Development Agreement includes a $3,132,143 grant from DEDA to support the project.
The Brae View Project will provide at least 72 new senior-dedicated affordable apartment units in Duluth’s downtown neighborhood. The project will also include a daycare facility on its ground floor with capacity for 100 infants and children. The project has been awarded $28,303,000 in funding from the Minnesota Housing Finance Agency and will receive $2,100,000 from a Housing TIF District administered by the Housing and Redevelopment Authority of Duluth.