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After discussing the housing tax credit application with SCI,staff is supportive of SCI's request <br /> for a fee waiver of$2,000 from the City's sewer access charge(SAC)and water access change410 <br /> (SAC). This is a new request from the previous letter of support. The total SAC/WAC fee is <br /> estimated at$148,000, of which $115,500 is paid to the Metropolitan Council for sewer access. <br /> The $2,000 is a relatively minimal waiver for gaining another point on the tax credit application. <br /> A letter of support is not an approval of tax increment financing, the proposal to sell the <br /> tower to the City,or any other form of public assistance. The project must still meet all TIF <br /> statutory requirements and undergo a detailed financial review by the City. However, the letter <br /> of support is a good faith commitment from the City to provide the requested support if the <br /> housing tax credits are approved by MHFA and if the project can demonstrate the need in <br /> accordance with the City's Business Subsidy Policy. <br /> Public Subsidy Review Process <br /> The deadline for the housing tax credit application is June 15, 2010. MHFA will make its <br /> determination by October 28, 2010. If the tax credits are approved,the City would begin the <br /> formal TIF review in spring 2011. The TIF review would be completed before construction <br /> starts and likely certified by June 30, 2011. <br /> Attachment <br /> Proposed Letter of Support • <br /> City of Arden Hills <br /> FPAC Meeting for June 8,2010 <br /> 'Ahdocsl'ahlAHdatalPlanning\Communhv DevelopmentlHousinglAffordable HousingUArden Village-Sand Companies1060810-FPAC Memo- <br /> Arden Village-Sand Companies.doc <br /> Page 4 of 4 • <br />