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Department Approval <br />Date: 6/20/11 <br />Item: 12. c <br />��S�E <br />REQUEST FOR COUNCIL ACTION <br />Date.- 06/13/2011 <br />Item No..- <br />Acting City Manager Approval <br />Item Description.- Accept a Livable Housing Incentives Account Grant for Sienna Green 11 and enter <br />into a Memorandum of Understanding with AEON <br />I BACKGROUND <br />2 The Metropolitan Council has awarded the City of Roseville a grant from the Livable Housing Incentives <br />3 Account ( for the Sienna Green Phase I.I. project. The grant is in the amount of $,300,000 and will <br />4 assist in the construction of the Phase 11 50-unit building. The City needs to approve entering into a grant <br />5 agreement with Metropolitan Council. In addition, staff is requesting that the City enter into a <br />6 Memorandum of Understanding with AEON regarding the disbursement of the LHIA funds. <br />"7 POLICY OBJECTIVE <br />,i <br />By accepting the LHIA grant, the City is helping Aeon secure the financial resources to construct Sienna <br />9 Green Phase It, an affordable housing project, which is supported by the 2030 Comprehensive Plan. <br />FINANCIAL IMPACTS <br />"I'll By approving these contracts,, there are no fiscal impacts to the City as Aeon will be undertaking the work <br />12 identified in the LHIA grant. The match requirement outlined in Section 2.02 in the Metropolitan Council <br />13 agreement will be the TIF funds that AEON will be receiving as part of the project. The LHIA grant <br />14 funds will only be given to AEON once the eligible work has been completed. <br />16 <br />1 "7 <br />20 <br />2 1 <br />22 <br />23 <br />24 <br />STAFF RECOMMENDATION <br />Staff recommends that the City Council approve the execution of the LHIA grant contract between the <br />City and the Metropolitan Council in order to facilitate the rehabilitation of Sienna Green Phase 11. <br />Staff also recommends that the City Council approve a memorandum of understanding between the City <br />and Aeon that outlines the responsibilities of the City and AEON regarding the use of the LHIA grant. <br />REQUESTED COUNCIL ACTION <br />By MOTION,, approve the grant contract between the City and the Metropolitan Council for $,300,000 from <br />the Livable Housing Incentives Account. <br />By MOTION, approve a memorandum of understanding between the City and Aeon that identifies the <br />responsibilities and the expectations of the City and AEON pertaining to the use of the LHIA grant. <br />Prepared by: Patrick Trudgeon., Community Development Director (651) 792-7071 <br />Attachments: A: Livable Housing Incentives Account Contract <br />B: Memorandum of Understanding <br />Page I of I <br />