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City of Arden Hills – 20430 Comprehensive Plan <br /> <br /> <br />Approved: September 28, 201809 Amended: December 12, 2016 <br />7-15 <br />7.5.3 Fiscal Devices <br />Fiscal devices, such as revenue bonds, tax increment, financing, or tax abatement can be used to <br />help ease the construction and availability of affordable housing in the City of Arden Hills. <br />Development Authorities: Arden Hills does not have its own Housing and Redevelopment <br />Authority (HRA) and depends on Ramsey County Coordinate HRA for affordable housing and <br />redevelopment services. Arden Hills encourages Ramsey County to construct, finance and/or <br />partner with private developers to provide affordable housing for those Arden Hills residents in need. <br />Housing Bonds: Minnesota State Statute allows HRAs the ability to issue housing bonds to <br />provide affordable housing. Arden Hills encourages the Ramsey County HRA to issue housing <br />bonds to provide affordable housing for those Arden Hills residents in need. <br />Tax Abatement: Cities may issue bonds to be used to support the construction of affordable <br />housing and use a portion of the property tax received (tax abatement) from the development to <br />finance these bonds. This removes this property taxes revenue from paying for the services needed <br />for this property, its residents and the community in general. The City will develop a tax abatement <br />policy to determine when the level of affordable housing and the guaranteed length of affordability to <br />provide a public benefit great enough to justify the use of tax abatement. <br />Tax Increment Financing: Cities may create a housing district to create a tax increment financing <br />(TIF) district. The TIF bonds issued on this district are to be used to support the construction of <br />affordable housing and entire property taxes received above the original tax value (increment) from <br />the development to finance these bonds. This removes this property taxes revenue from paying for <br />the services needed for this property, its residents and the community in general. <br />7.5.4 Official Controls <br />Official controls and land use regulation can be used to assist in the construction of affordable <br />housing units. Controls and regulations can also be used to simplify the process of expanding local <br />housing options also. <br />Fee Waivers or Adjustments: Cities may waive or reduce fee to reduce the cost of construction of <br />affordable housing. Conversely, State rules require that the fee that a City charges be related to the <br />cost of providing the services for which the fee are collected. This waiver or reduction could create a <br />deficiency in the funding for services which could would be required the use of general funds to <br />resolve. The City should develop a fee waiver or reduction policy to determine when the level of <br />Formatted: Level 1, Indent: First line: 0.5" <br />Formatted: Emphasis, Font: (Default) Calibri, <br />15 pt, Not Bold <br />Formatted: Font: (Default) Calibri, 15 pt, Not <br />Bold, Italic, Font color: Custom <br />Color(RGB(112,173,71)) <br />Formatted: Font: Not Bold <br />Formatted: Level 1, Indent: First line: 0.5" <br />Formatted: Emphasis, Font: (Default) Calibri, <br />15 pt, Not Bold <br />Formatted: Font: (Default) Calibri, 15 pt, Not <br />Bold, Italic, Font color: Custom <br />Color(RGB(112,173,71))