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8A, Renewal of Letter of Support for Arden Village Tax Credit Application
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8A, Renewal of Letter of Support for Arden Village Tax Credit Application
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� Recommendation <br />Given the City's March 8, 2010 land use approvals, the June 14, 2010 good faith commitment <br />for up to $225,000 of TIF assistance, and SCPs subsequent land acquisition, staff recominends <br />that the City provide a renewed letter of support for t� credit financing including a commitment <br />for up to $225,000 in TIF assistance. <br />At the February 14, 2011, meeting, the City Council questioned for what length of time is the <br />good faith commitment in place. Staff is not aware of a specific time limitation on <br />commitments. Given the very complicated nature of funding for affordable housing, and the <br />progress that SCI has shown since June 14, 2010, it is reasonable to conclude that the City's <br />pledge of support currently remains in effect. <br />The City Council may choose to withdraw its piedge for TIF assistance andlor its support for the <br />project. In that event, the City Council should be aware that the project may not move forward <br />and the value of its good faith commitment to future developers will be diminished. <br />Attachments• <br />A. Renewed 2011 letter of support for MHFA tax credit funding <br />B. Map showing location of 1296 County Road F <br />C. June 14, 2010, Ietter of support for MHFA tax credit funding <br />D. June 14, 2010, meeting minutes <br />E. February 14, 201 l, meeting minutes <br />� <br />� <br />� City ofArden Hilts <br />Ciry Council Meeting May 9, 201I <br />Page 3 of 3 <br />
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