Title
RESOLUTION OF SUPPORT FOR LASALLE DEVELOPMENT GROUP'S REQUEST FOR LOW INCOME HOUSING TAX CREDITS AND INTENT TO APPROVE A TAX INCREMENT FINANCE PLAN BY THE DULUTH HRA TO PROVIDE UP TO $1,500,000 FOR CONSTRUCTION OF THE 112 UNIT TAPESTRY SENIOR HOUSING DEVELOPMENT.
Body
CITY PROPOSAL:
RESOLVED, that the City of Duluth hereby expresses its support for LaSalle Development Group'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 construct a 112-unit affordable senior assisted living housing development in the Central Hillside neighborhood of Duluth (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 TIF district for the Development if and when brought forward by the Housing and Redevelopment Authority of Duluth, MN to support up to $1,500,000 over a term of up to 26 years in connection with construction of the Project.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution expresses the city council's support of an application to be submitted to MHFA by LaSalle Development Group for low-income housing tax credits and tax-exempt bond financing that may be awarded by MHFA for the construction of a 112-unit affordable senior housing development. 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 also approves support of creation of a tax increment financing (TIF) district to support TIF funds of up to $1,500,000 over a term of 26 years to support construction of the Project.
The Tapestry Senior Living project will be located at 701-731 East 4th Street in the central Hillside neighborhood. The Project includes construct of a 112-unit apartment building for seniors 62+ making 30% or less of the Area Median Incom...
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