1.A Arden Village Workforce Housing Concept

Home Browse Search

CITY OF CMUSEN 7700 Market Boulevard PO Box 147 Chanhassen, MN 55317 Administration Phone: 952.227,1100 Fax:952.227.1110 Building Inspections Phane:112,227.1111 Fax: 952.227.1190 Engineering Phone: 952.227,1160 Fax: 952,227,1170 Finance Phone. 952.227.1140 Fax:952.227.1110 Park & Recreation Phone:952,227.1120 Fax: 952.227,1110 Recreation Center I 2310 Coulter Boulevard Phone: 952.227,1400 Fax: 952,227,1404 Planning & Natural Resources Phone: 952.227.1130 Fax: 952.227.1110 Public Works 1591 Park Road Phone: 952.227.1300 Fax: 952227,1310 Senior Center Phone: 952.227.1125 Fax: 952.227,1110 Web Site www.ci.chanhassen.mn.us June 27, 2005 Minnesota Housing Finance Agency 400 Sibley Street, Suite 300 St. Paul, Minnesota 55101 Attention: Multifamily Underwriting RE: Housing Tax Credit Program & Super RFP. GATEWAY PLACE, CHANHASSEN. Dear Multifamily Development: The City of Chanhassen is a community made up of residents, businesses and institutions sharing a common history of social, economic and political interests. One of the primary purposes of a community is to serve as a place of residence for its citizens. Assuming this charge, offering a mix of life cycle housing opportunities becomes a challenge for local governments. The City is committed to providing a variety of housing styles with housing available for people of all income levels to meet the life cycle housing needs of Chanhassen residents and local businesses. While committed to providing life cycle housing, the City must overcome obstacles to their- development: One of the most difficult impediments to providing one facet of life cycle •housing and/or affordable housing is the high cost of land. Developers or housing providers must be partners in providing life cycle housing: The proposed 48 unit development called Gateway Place is an excellent opportunity for the City of Chanhassen to meet a portion of our housing goals. Its location is along new Highways 101 and 212 near' shopping, jobs .and public transportation. The location of Gateway Place,m.eets the'characteri.stics of Smart Growth development. The City of Chanhassen proposes significant local financial assistance for this project as part of its endorsement. If the project is. selected for funding, the City Council supports the use of tax increment financing. (TT) for the project in a manner similar to other affordable housing projects the City has offered assistance in the past. The TIF structure for past projects has been 90% increment for the first five years and 50%/increment for two additional years. As part of the tax increment financing, the project will need to meet •die state guidelines for tax IThe City of Chanhassen a A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play,