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RESOLUTION AUTHORIZING DEVELOPMENT AGREEMENT WITH HARBORVIEW PHASE V, LLC AND TRANSFER OF UP TO $300,000 TO THE DULUTH ECONOMIC DEVELOPMENT AUTHORITY FOR ASSISTANCE TO THE AFFORDABLE SKYRIDGE FLATS PROJECT.
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CITY PROPOSAL:
RESOLVED, that the proper city officials hereby authorize a development agreement between the Duluth Economic Development Authority ("DEDA") and Harborview Phase V, LLC ("Developer") substantially in the form of attached Exhibit A for construction of the affordable Skyridge Flats Senior Apartments; and
FURTHER RESOLVED, that upon execution by DEDA and Developer, the proper city officials are hereby authorized to transfer to DEDA the sum of $300,000, payable from Fund 110-700-1450-5447(General, Transfers and Other Functions, Transfers and Accruals, Payment to Other Government Agencies), to fund DEDA's obligations under said development agreement.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize a development agreement between DEDA and Harborview Phase V, LLC and transfer of $300,000 to DEDA to support construction of the Skyridge Flats Senior Apartments located on Tract D in the existing Harbor Highlands development. The Housing and Redevelopment Authority of Duluth (HRA) is the sole member of Harborview Phase V, LLC. To support affordable housing development projects, the City will utilize modified revenue loss included in the updated American Rescue Plan Act ("ARPA") guidance to provide project assistance out of the general fund. The ARPA guidance allows for the City to fund provisions for governmental services included in the annual budget, thereby freeing up budgeted resources to subsidize the Skyridge Flats project.
The Skyridge Flats project will provide no less than 70 units of affordable one-bedroom apartments for seniors 55+, all of which will be reserved for those with a household income of 50% or less of the statewide area median income, 21 of which will be further restrict...
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