Title
RESOLUTION OF SUPPORT FOR ARTSPACE PROJECTS INCORPORATED'S REQUEST TO THE STATE OF MINNESOTA FOR QUALIFYING MULTIFAMILY FUNDINGAND THE CONDITIONAL COMMITMENT OF UP TO $1,800,000 OF AMERICAN RESCUE PLAN ACT FUNDING FOR THE REHABILITATION AND RECONFIGURATION OF THE WASHINGTON STUDIOS PROJECT.
Body
CITY PROPOSAL:
RESOLVED, that the City of Duluth hereby expresses its support for Artspace Projects Incorporated'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 rehabilitate the existing 39 units and reconfigure to provide six (6) new units to result in a 45-unit affordable multifamily apartment building in the Central Hillside neighborhood (the "Project").
BE IT FURTHER RESOLVED, that the City Council of the City of Duluth does hereby conditionally commit up to $1,800,000 of American Rescue Plan Act (ARPA) funding to support a portion of the cost of the Project, subject to the Developer, Artspace Projects Incorporated, successfully securing the necessary funding from MHFA and other funding sources to ensure project completion by 2026 and to the approval of a development agreement between the City and the Developer.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution expresses the City Council's support of an application to be submitted to MHFA by Artspace Projects Incorporated (Artspace), for low-income housing tax credit and other Multifamily Consolidated RFP funding that may be awarded by MHFA for the rehabilitation and reconfiguration of the Washington Studios project. The deadline for submission of the application to MHFA is July 13, 2023. MHFA intends to finalize funding decisions at their December 14, 2023 board meeting. Additionally, this resolution expresses support of a commitment of up to $1,800,000 of the City's ARPA funding. Washington Studios was one of six proposals selected through the City's Multi-family RFP process to receive ARPA fun...
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