Title
RESOLUTION OF SUPPORT FOR CENTER CITY HOUSING CORPORATION'S REQUEST TO THE STATE OF MINNESOTA FOR QUALIFYING MULTIFAMILY FUNDING AND A CONDITIONAL PRE-COMMITMENT OF $300,000 FISCAL YEAR 2024 FUNDING ALLOCATION TO THE CITY OF DULUTH FROM THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AND INTENT TO APPROVE A HOUSING AND REDEVELOPMENT AUTHORITY OF DULUTH TAX INCREMENT FINANCE PLAN TO PROVIDE UP TO $1,400,000 FOR THE CONSTRUCTION OF THE 30 UNIT WELCH PLACE PROJECT.
Body
CITY PROPOSAL:
RESOLVED, that the City of Duluth hereby expresses its support for Center City Housing Corporation's request to Minnesota Housing Finance Agency (MHFA) for the allocation of low-income housing tax credits and/or other funding provided by MHFA, to construct a 30-unit deeply affordable multifamily apartment building in the Spirit Valley neighborhood (the "Project").
BE IT FURTHER RESOLVED, that the Duluth City Council hereby states its intent to approve a tax increment financing ("TIF") plan creating a housing TIF district if and when brought forward by the Housing and Redevelopment Authority of Duluth, MN (HRA) to support up to $1,400,000 over a term of up to 26 years in connection with construction of the Project.
BE IT FURTHER RESOLVED, that the proper City officials hereby approve a pre-commitment of Fiscal Year (FY) 2024 funds to be received by the City of Duluth as allocated by the Department of Housing and Urban Development (HUD) for construction of the Project. The award of $300,000 subject to the receipt thereof from HUD, and the Developer, Center City Housing Corporation, securing the necessary funding from MHFA and other funding sources and to the approval of a development agreement between the City and Developer thereof.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution expresses the City Council's support of an application to be submitted to MHFA by Center City Housing Corporation (CCHC), for low-income housing tax credit and other Multifam...
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