Laserfiche WebLink
ARDEN HILLS CITY COUNCIL—September 14, 2009 13 <br /> 7C. Conduit Debt Policies(continued) <br /> Finance Director Iverson stated that the City would be able to operate as they <br /> have in the past. The language is taken from the statute. <br /> MOTION: Councilmember Holden moved and Mayor Harpstead seconded a <br /> motion to Approve the Arden Hills Private Activity Revenue Bond <br /> Financing Procedures Effective September 14, 2009. The motion <br /> carried unanimously (5-0). <br /> MOTION: Councilmember Holden moved and Councilmember Grant <br /> seconded a motion to Approve the Arden Hills Post-Issuance Debt <br /> Compliance Policy effective September 14, 2009. The motion <br /> carried unanimously (5-0). <br /> M.-re &'%�.L JL-W-A- A...........ses <br /> E. Motion Regarding Sand Companies, Inc. Request for a Letter of <br /> Support for Housing Tax Credits with the Minnesota Housing <br /> Finance Agency as Proposed in the September 14, 2009, <br /> Memorandum <br /> Community Development Director James Lehnhoff stated at the August 19, <br /> 2009 work session, the City Council reviewed a presentation from Sand Companies, <br /> Inc. (SCI) to construct a 55-unit workforce rental housing building at 1296 County - <br /> Road F. The 2.74-acre property is immediately west of the Land O'Lakes <br /> headquarters and includes a communication antenna that would remain on the site. <br /> SCI has requested a letter of support from the City for a housing tax credit with the <br /> Minnesota Housing Finance Agency (MHFA). Additionally, SCI is requesting <br /> $400,000 in public assistance. Applications with community financial support <br /> score higher and have a better chance of obtaining the housing tax credits, which <br /> are a key part of making the building affordable. The public financial assistance <br /> could be in the form of Tax Increment Financing (TIF) or relief from other <br /> development fees. The City has two TIF options: creating a new TIF district or <br /> extending the existing Cottage Villas TIF district. Alternatively, the City could <br /> reduce or waive the development fees. Based on the preliminary design and project <br /> value, the estimated building permit fee is $72,500. City sewer and water access <br /> charges (SCA/WAC) would be an additional $34,600. Since they intend to <br /> subdivide the existing antenna from the rest of the lot, it would be subj ect to the <br /> park dedication fee. The park dedication fee is estimated at $71,560. The base cost <br /> for the Comprehensive Plan amendment, rezoning, planned unit development, and <br /> subdivision application is $3,000. The total estimated cost for all City related <br />