Title
RESOLUTION OF SUPPORT FOR ARTSPACE PROJECTS INC.'S REQUEST FOR LOW INCOME HOUSING TAX CREDITS AND THE CONDITIONAL COMMITMENT OF UP TO $1,800,000 OF AMERICAN RESCUE PLAN ACT FUNDING FOR THE REHABILITATION AND EXPANSION OF THE EXISTING WASHINGTON STUDIOS PROPERTY.
Body
CITY PROPOSAL:
RESOLVED, that the City of Duluth hereby expresses its support for Artspace Projects, Inc.'s request to the Minnesota Housing Finance Agency (MHFA) for the allocation of low-income housing tax credits and/or for other funding provided by MHFA, to rehabilitate the existing 39 units and add six new units to the existing Washington Studios property in the Central Hillside neighborhood of Duluth (the "Project").
BE IT FURTHER RESOLVED 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 fund a portion of the cost of the Project, subject to the Developer, Artspace Projects, Inc., successfully securing the necessary funding from MHFA and other funding sources to ensure project completion by 2024 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, Inc. for low-income housing tax credit and other Super RFP funding that may be awarded by MHFA for the redevelopment of the existing Washington Studios. The deadline for submission of the application to MHFA is July 15, 2022. MHFA intends to finalize funding decisions at their December 15, 2022 board meeting. Additionally, this resolution expresses support of a commitment of up to $1,800,000 of the City's ARPA funding. Artspace Projects, Inc. was one of six proposals selected through the City's Multi-family RFP process to receive ARPA funds. The City and Developer will negotiate a formal development agreement and solicit Council approval for use of ARPA funds, subje...
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