Title
RESOLUTION OF SUPPORT FOR ACCESSIBLE SPACE INC. FOR TAX INCREMENT FINANCING ASSISTANCE FOR THE 55-UNIT MORGAN PARK APARTMENTS HOUSING DEVELOPMENT
Body
CITY PROPOSAL:
WHEREAS, pursuant to Resolution 21-0325R, on May 10, 2021 the Duluth City Council
expressed its support for the request from Accessible Space, Inc. for low-income housing tax credits and infrastructure bonds to assist in the financing and development of the Morgan Park Senior Apartments (the Development"); and
WHEREAS, the City of Duluth has received a request to support tax increment financing (TIF)
assistance for the Development through approval of the creation of a tax increment district;
NOW, THEREFORE, BE IT RESOLVED, that the Duluth City Council hereby supports creation of a tax increment financing district having a term of up to 26 years, in connection with the construction of the Development consisting of approximately 55-units of multifamily affordable senior rental housing.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution expresses the city council's support for providing tax increment financing (TIF) to assist Accessible Space Inc.'s (ASI) application to Minnesota Housing Finance Agency (MHFA) for low-income housing tax credits and infrastructure bonds, which Council supported in May of this year. The deadline for submission of the application to MHFA is July 15, 2021. MHFA intends to finalize their funding decisions by December 2021.
The proposed Morgan Park Senior Apartments would provide 55 units of accessible, affordable, and supportive apartments for seniors 62+. The three-story development will be located at 88th Avenue West and will include the physical spaces, programmatic, and social supports for senior residents to live in a safe and supportive environment. 100% of the units will be affordable at 60% AMI, with at least 20% of the units being Type A- fully accessible units for households with physical or cognitive disabilities. Additional assistance will...
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