8A, Renewal of Letter of Support for Arden Village Tax Credit Application

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* -�. DEI�i ILLS June 14, 2010 Minnesota Housing Finance Agency 404 Sebley Street, Suite 300 St. Paul, Minnesota 55101 Attention: Multifamily Underwriting RE: Housing Ta�c Credit Pragram & Super RFP. ARDEN VII.LAGE — ARDEN HILLS. Dear Multifamily Develapment: The City of Arden Hiils is a community made up of residents, businesses and institutions sharing a common history. One of the primary purposes of a community is to serve as a place of residence for its cirizens. Assuming this charge, offering a mix of life cycle housing opportunities becomes a challenge for local governments especially in suburban markets. The City has a strong desire to support affordable and �uork-force housing and is an active participant in the Livable Communities Program_ The City's 2030 Comprehensive Plan sets goats that emphasize the development oi a variety of housing types that are suitable for a mix of incomes including work-force � housing. Developers and the City must be pa�-tners to cooperatively develop housing plans to provide life cycle housing in Arden Hills. To promote and participate in rental housing opportunities, the City has provided incentives for affordable housir�g devel��ments. As a cost redu�tion mersur� to er�arse :�.rden Village, the City has approved the project with a density bonus, flexibility in zoning and fast traek permitting and approvat. The City wifl also not be collecting the approximate $71,560 park dedication fee and also waiving $2,000 in City SAC/WAC fees. The City of Arden Hills also proposes significan[ loeal finaneiai contributions for this project as part of its participation and endorsement. If the prolect is selected for funding, the City Council supports the use tax increment financing (TIF) for the project or other funding means to achieve up to $225,004 in assistance. As part of the TIF, the project will need to meet all state guidelines for TIF, including the "but for tesY'. The project also must be reviewed under the City's business subsidy policy. The proposed deve}oprnent is an excellent opportunity for the City of Arden Hills to meet a large portion of its housing goats. This endorsement is based upon the findings that the project will meet locally identified housing needs and that the proposed housing is in short supply in the local housing market. This need is evidenced by the gap between the lacai supply and demand for the proposed type of housing. The City Council's endorsement is evidenced by this letter of support for the propased development. We respectively request funding approval for this needed development in the City of Arden Hills. Since � Ha ead, Honorable Mayor City ofArcfe�i [�itts � 12�t� �Yest tii<� �t;+ti� 9b � Ardez� (iilts, 1}�t � 5il12-57�t3 1'hnnel�I.?42.7A1in e [�'aa65t.G3-k.>fj7 � ��wu_ri.aE-<ien-Itills.mre.us —