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support that states that the City understands that there is an accelerated completion schedule and <br /> that the City will work with the project, within the code guidelines, to achieve a certificate of <br /> occupancy by the end of 2013. <br /> All other aspects of the letter remain the same as previous years. <br /> Extension Request <br /> The applicants are requesting a one-year extension on their deadline to submit for building <br /> permits in order to give them time to pull together their financing package, which includes the <br /> housing tax credits. A one year extension is being requested in the event that Arden Village is <br /> not selected for MHFA funding in 2012. <br /> The extension would amend the Development Agreement to require that Arden Village obtain a <br /> building permit for the development on or before June 30, 2013 (Attachment B). <br /> The building permit extension would not change, extend, or alter any other aspect of the <br /> approved Development Agreement. <br /> Recommendation <br /> Staff recommends that the City provide a renewed letter of support, which does not include TIF <br /> assistance. <br /> Staff further recommends approving the amendment to Section 5.0 Subd A.2 of the Development <br /> Agreement for Arden Village, LLC to extend the building permit deadline to June 30, 2013. <br /> Requested Action <br /> Motion to approve the renewed 2011, letter of support and Arden Village Development <br /> Agreement Amendment No. 2 to extend the building permit deadline to June 30, 2013. <br /> Attachments: <br /> A. May 14, 2012, Letter of Support <br /> B. Arden Village Development Agreement Amendment No. 2 <br /> C. March 19, 2012, Meeting Minutes <br /> City of Arden Hills <br /> City Council Meeting May 9, 2011 <br /> Page 3 of 3 <br />