Laserfiche WebLink
i <br />City of White Bear Lake <br />4701 Highway 61 - White Bear Lake, Minnesota 55110 <br />TDD (651) 429-8511 - Fax (651) 429-8500 <br />Phone (651) 429-8526 <br />t <br />2008 <br />Minnesota Housing Finance Agency <br />400 Sibley Street, Suite 300 <br />St. Paul, Minnesota 55101 <br />Attention: Multifamily Underwriting <br />RE: Housing Tax Credit Program & Super RFP. <br />HOFFMAN PLACE — WHITE BEAR LAKE. <br />Dear Multifamily Development: <br />The City of White Bear Lake is a community made up of residents, businesses and <br />institutions sharing a common history. One of the primary purposes of a community is to <br />serve as a place of residence for its citizens. Assuming this charge, offering a mix of life <br />cycle housing opportunities becomes a challenge for local governments especially in <br />suburban markets. <br />The City has a long history of supporting affordable and work -force housing. It has been <br />an active participant in the Livable Communities Program since the program's inception <br />in 1995. The City's draft 2030 Comprehensive Plan once again sets goals and policies <br />emphasizing the establishment of a diverse housing stock, maintaining housing units and <br />utilizing housing assistance. Developers and the City must be partners to Cooperatively <br />Develop Housing Plans to provide life cycle housing in White Bear Lake. <br />The City of White Bear Lake proposes significant local financial assistance for the <br />Koffman Place project as part of its participation and endorsement. If the project is <br />selected for funding, the City Council supports the use of tax increment financing (TIF) <br />for the project. The TIF structure is proposed to be pay -as -you go with a projected tax <br />exempt bond amount of $400,000 with 90% of increment returned to the project for <br />fifteen years. As part of the TIF, the project will need to meet state guidelines for tax <br />increment financing including the "but for test". <br />Along with its financial endorsement of Hoffman Place, the City is supportive of offering <br />flexibility in site development standards and zoning code requirements. Through the use <br />of the approved Planned Unit Development (PUD) and comprehensive plan amendment, <br />the site has been approved for a density bonus to allow for sixty units along with <br />flexibility in zoning code requirements. Although the project will be required to meet all <br />