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-ADEN HILLS September 14, 2009 Minnesota Housing Finance Agency 440 Sibley St. Suite 300 St. Paul, MN SS 101 Attention: Multi -family Underwriting Re: Housing Tax Credit Program & Super RFP ARDEN VILLAGE — ARDEN HILLS Dear Multifamily Development: The City of Arden Hills is a community made up of residents, businesses and institutions sharing a common history. One 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 challenge for local governments, especially in suburban markets. The City has a strong desire to support affordable and work -force housing and is an active participant in the Livable Communities Program. The City's 2030 Comprehensive Plan sets goals that emphasize the development of a variety of housing types that are suitable for a mix of incomes, including work -force housing. Developers and the City must be partners to cooperatively develop housing plans to provide life cycle housing in Arden Hills. The City of Arden Hills proposes to use local financial assistance for this project as pari of its participation and endorsement. If the project is selected for funding, the City Council supports the use of tax increment financing (TIF) for the project. The TIF structure is proposed to be pay-as-you-go with a projected tax exempt bond amount of $400,000 with 90 percent of increment returned to the project until the bonds are repaid. As part of the TIF, the project will need to meet all state guidelines for TIF, including the "but for test:." The project must also be reviewed under the City's business subsidy policy as well as conform to the City's development standards. Along with its financial endorsement of Arden Village, the City is supportive of offering flexibility in site development standards such as density and zoning code requirements as the project moves through the development approvals of the City. Although the project will be required to meet all building code requirements, the building officials will, to the best of their abilities, work with project to allow for fast-track pennitting approvals. The proposed development is an excellent opportunity for the City of Arden Hills to meet a large portion of its housing goals. This endorsement is based upon the findings that the project will meet locally identified housing needs and that the proposed housing is in short supply in the local housing market. This need is evidenced by the gap between the local supply and demand for the proposed type of housing. The City Council's endorsement is evidenced by this letter of support for the proposed development. we respectfully request funding approval for this needed development in the City of .Arden Hills. Sin Stan Ha Lead Honorable Mayor City of At -den Hills + 1245 West Highway 96 * Arden Hills, MN ♦ 55112-5743 Phone 6151.792.7800 * Fax 651.634.5137 + www ei.arden-hills.nin.tis