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r <br />RECEIVED JUIN 0 9 2006 <br />CITY OF <br />fORDAN <br />June 6, 2006 <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 />JORDAN VALLEY TOWNHOMES - JORDAN. <br />Dear Multifamily Development: <br />The City of Jordan is a community made up of residents, businesses and institutions sharing a <br />common history as well as common social, economic and political interests. One ofthe primary <br />purposes of a community is to serve as a place of residence for its citizens. Assuming this charge, <br />offering a mix of life cycle housing opportunities becomes a challenge for local governments <br />especially in suburban markets. <br />The City is committed to providing a variety of housing styles with housing available for people <br />of all income levels to meet the life cycle housing needs of Jordan residents and local businesses. <br />While committed to providing life cycle housing, the City must overcome obstacles to their <br />development. Developers or housing providers must be partners in providing life cycle housing. <br />The City of Jordan proposes significant local financial assistance for this project as part of its <br />participation and endorsement. If the project is selected for funding, the City Council and EDA <br />supports the use of tax increment financing (TIF) for the project. The TIF structure is proposed to <br />be pay -as -you go, not to exceed $390,000 with the increment years to be approved in the final <br />TIF plan and development agreement. As part of the TIF, the project will need to meet the state <br />guidelines for tax increment financing including the "but for test" and contingent upon award of <br />tax credits from MHFA. <br />The proposed 46 unit development is an excellent opportunity for the City of Jordan to meet a <br />portion of its housing goals it has made with the Metropolitan Council. The location of the <br />Jordan Valley Townhomes meets the characteristics of Smart Growth development. This <br />endorsement is based upon the findings that the project will meet locally identified housing needs <br />and that the proposed housing is in short supply in the local housing market. This need is <br />evidenced by the gap between the local supply and demand for the proposed type of housing. <br />JORDAN GOVERNMENT CENTER <br />210 EAST FIRST STREET, JORDAN, MN 55352 - PHONE: (952) 492-2535 <br />