7B, Approve Resolution 2011-008 in Support of Arden Village HOMECDBG Application

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s, i a r ,�e; �.: �. � �. `', �UIl� � 4� 2� � � Miunesota Housing Finance Agency 400 Sibley Street, Suite 300 St. Paul, Minnesota 55101 Attention: Multifarr�ily Underwriting RE: Housing Tax .Credit Program & Super RFP. ARDEN �7ILi,AGE - �,R7�EN HILL�, Dear Multifamily.Devel�pment: The City of Arden Hills is a community made up af residents, businesses and inst�tutians sharing a common history. One of the primary purposes of a community is to serve as a place of residenee %r its citizens. Assuming this charge, offering. a mix nf Iife cycle housing opportunities becomes a chall�nge for.locaI gavemments especially in subur�an markets. The City :has a sirang desire to support affardahle and wark-force housmg and is an ac#ive pai-ticiparit in the Li�abie Coinmunifiies Program. The City's 2D30 Comprehensive Plan sets goals iflat erriphasize the development of a variety of �iousing types that are suitable for a rnix of incornes including work-force housing. Developers and the City rnust he part�riers to. cao�erati�eiy dsve:Iop hausing plans to provide Iife cycle housing in Ard�n HiIIs. To promote and participate in renfal. housing apportunities, the City �.as provzded incent�ves far affordable housing, developments. As a cast reduction measur� ta endorse Arderz Viliage, the City has appraved the projeet with.a density bonus, flexibility. in zoning and fast track permitting and approval. The City will alsa not be collecting the approximate $71,SG0 park dedication fee and also waiving $2,004 in Cily SAC/VVAC f�es. Th.e City of Arden HiIls also proposes significant locaI financial contributions for tihis project as part of its participation and endorsemen�. If the project is selected for funding, the City Council supports the use tax increment �nancing (TIF} for the project or other funding means to achieve up to $225,440 in assistance, As part nf the TIF, the project will need to meet all state guidelines fo�• TIF, including the "but for test", The project also rnust he reviewed under the City's business subsidy poticy. The propnsed de�veloprr�ent is an excellent opportunity for the City af Arden'Hilis to meet a large portion of .its housing goals. This endorsement is based upon the ftndings that the project will �neet locally identi�ied housing n�ecis and that the propased.housing is in short supply in the Ioaal housing market. This need is evi.denced by ihe gap be#ween the lacal supply and demand for the proposed type af 1�ousing. The City Cauncil's endorsement is evidenced by this tetter of suppor� for the proposed develapment. We respectively request fitnding approval far this needed development in the City of Arden Hi11s. Since a Ha ead, 'Honorable Mayor City� ofArden Hiils 4 1245 Wesf �ii�rvay 9fi �.��•de�� Hilis., MN � Si�i2-5743 :Phane 651.792.7800 � Fsix 65.i.�3a.5:i37 A ��'S"F'�V.C1.7E'(IL'It-iElI�S•[if[1,11S