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

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� May 9, 2011 - ��i EN i�ILLS �. Minnesota Housing Finance Agency Attn: Multifamrly Underwriting 400 Sib(ey Street, Suite 300 St. Paui, Minnesota 55101 RE: Housing Tax Credit Pragram & Super RFP ARDEN VILLAGE — ARDEN HILL,S Dear Multifami[y Develapment: The City af Arden Hilts is a community made up of residents, businesses and institutions sharing a common history. C?ne 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 chatienge for local governments especialiy in suburban markets. The City has a strang desire ta supparE affordabie and woric-force housing and is an aetive part'tcipant in ihe Livable Communities Pragram. The City's 2430 Comprehensive Plan sets goals that emphasize the development 4f a variety of housing types that are suitabte for a mix of incomes includir►g work-force hausing_ Developers and the City must be partners to cooperatively deve(op housing plans to provide life � cycle housing in Arden Hills. To promote and participate in rentat housing opportunities, the City has provided incentives for affordabie housing developments. As a cost reduction measure to endorse Arden Viilage, ihe City has appraveci the �roj��t wit� a density bQn�s, flexibility �n zoning a�c� fas� track �e�mitting and approv�l. The �ity weli a(sa not be cottecting the approximate $71,560 park dedication fee and also waiving $2,400 in City SACIWAC %es. The City of Arden Hills also prapases significant tocal financial contributions for this project as part of its participatron and ettdorsement. If the project is selected for funding, the City Council supports the use tax increment financing (TIF) for the �roject or other funding means to achieve up to $225,OOQ in assistance. As part of the TIF, the project witi need to meet alt state guide(ines for TIF, including the "but for test"_ The project aiso must be reviewed under the City's 6usiness subsidy poiicy. The proposed development is an excellent apportunity for the City of Arden Hills to ►neet a large partion af its housing goals. This endorsement is based upon the findings that the project wil[ meet locally ideatified housing needs and that the proposed housing is in shart supply in t6e local housing market. This need is evidenced by Ehe gap beiween the local supply and demand for the praposed type af housing. The City Council's endarsement is evidenced by this letter of suppart for the propased development. We respectivel}r request €unding approval for ihis needed development in the City of Arden Hiils. Sincerely, �L7avid Grant Nonorable Mayar Cit�� of Arden Hills � 1245 West Highwa�• 96 •:lyden t#iUs, JlIR � 55112-5743 Phone 651.742.7800 � Fax b5l_634.5137 * *�+t+�=.ci.arden-hilEs.mn.ns