05-09-11-R - Laserfiche WebLink

Home Browse Search

ARDEN HILLS CITY COUNCIL — May 9, 2011 8 Councilmember Holmes stated the City should make the developer aware of the City's position but this does not need to be included in the letter of support because at this time the City does support up to $225,000 in TIF Financing. City Attorney Filla recommended the City pass two separate motions. One motion to approve the renewal of the letter of support and the second motion to draft a letter to the developer that advises them that the City's commitment to TIF is not indefinite and is dependent on the City's financial position at the time the project will be funded. Councilmember Holden withdrew her motion to amend the letter of support. Mayor Grant withdrew his second to the motion to amend the letter of support. The original motion was called to a vote. The motion carried (4 -1; Councilmember Holden). MOTION Councilmember Holden moved and Mayor Grant seconded a motion to direct Staff to draft a letter to the developer that the City reserves the right to withhold support in the future based on the needs of the City at the time the request is made. The motion carried (4 -1; Councilmember Holmes). B. Planning Case 09 -021— Arden Village Building Permit Extension City Planner Meagan Beekman stated on March 8, 2010, the Arden Hills City Council approved a Preliminary and Final Plat, Master and Final PUD, Rezoning, CUP Amendment, Comprehensive Plan Amendment, and Development Agreement to permit Arden Village, LLC to construct a 55 -unit apartment building at 1296 County Road F. Section 5.0 Subd. A.2 of the Development Agreement required Arden Village to obtain a building permit for the development on or before June 30, 2011. Since the initial approval of the project, Arden Village has moved forward with purchasing the parcel, and has filed the Final Plat to subdivide the property with the County. Arden Village is working with the Minnesota Housing Finance Authority (MHFA) on an application for housing tax credits that would allow the project to be constructed. Arden Village did not receive funding in the last MHFA funding cycle in October, but is reapplying and anticipates being awarded tax credits this fall. The applicants are requesting a one -year extension on their deadline to submit for building permits in order to give them time to pull together their financing package, which includes the housing tax credits. The building permit extension would not change, extend, or alter any other aspect of the approved Development Agreement. Councilmember Holden stated the City has been told that SCI would get funding with previous funding cycles and they did not get what they expected. She asked what was different with this application that made SCI more confident in receiving funding with this cycle. Mr. Thelen stated if SCI was not confident they would receive funding they would not apply. The process is expensive. The HOME funding from Ramsey County will also enhance their scoring for this application.