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09-29-23-44-0248 * IMAdWAV Lot 1, Block 1. I • a • City of Roseville,, Minnesota numbers (09.29.23.44.0248 and 09.29.23.44.0249). The new legal descriptions are included above to reflect replattin.g. I I I 1 1111 111 E�111 1111� 111`1115 Iwo I lure existing b• d�arie�s. Part Of The N 3 Acres Of The Nye 1/4 Of Se 1/4 Of Se 1/4 Lying Swly Of A Line Dee sc As F'oll; he At A P't 220 F't E Of The Sw Coir Of Sd N 3 Acres T'heencee Nwly To, A P't On The W Linea 30 F't S Of The Nw Coir And T'heeree T'eerm I n Seec 9 T'n 29 Rn 23. T'h�e area encompassed by the TIF District sh�all also, in�clud�e all street oir utility right-of-ways located upon oir adjacen,'11 to, the prolperty described abolve. Section H Property to be Acquired in the TIF District T'h�e City may acquire and sell any oir all of the prolperty located within the TIF District. T'h�e City d�oles nolt anticipate acquiring any such prolperty at th�is time, but may reimburse developers for the cost of such acquisitioln. Section I Specific Development Expected to Occur Within the TIF District T'h�e proposed project in�clud�es the redevelopment of the Har M�ar Apartments project and will be renamed as Sienn Green�. T'h�e project is expected to, be completed in two, ph�ases. Plh�ase 1 sh�all coin�sist of the colmplete reh�abilitatio, ,nn tio 4, of 120 existin�g oin�e-bed�rololm apartmen�t un�its within five build�in�gs. Plh�ase 2 sh�all coin�sist of the construction olf48 tw a and th�ree-bed�rololm apartmen�t un�its within oin�e build�in�g. Plh�ase 1 sh�all also, in�clud�e the subd�ivisioln�, reconfigu ratio, and redevelopment of the site, which will red�uce surface parkin�g, maximize green space, and coin�n�ect the build�in�g�: through lan�d�scapin�g and improved walkways. proposed project will transfo -d aca •lpe • a 168 olta apartme • persoin�s and fames of low to, mold�e�rate� in�colme�. T'h�e� proje�ct will comply with the Tax Increment F'in�an�cin�g (Housin District • olme require�me�n�ts foir re�n�tal prolperty (i.e., eith�er 20% of the un�its must be rented to, pe�rsoin�s wh�olse� in�colim is 50% oir less of area median in�colme oir 40% must be rented to, persoin�s 60% oir less of area median in�colme). Ten • the 168 rehabilitated and constructed apa prolvid�e h�o • als experien�cin�g loin�g-term h�olmelessn�ess and wh�ol earn less than 30% of the area median in�colme (AIVII). Nin�ety-six oin�e-bed�rololm un�its will be restricted for persoin�s oir families wh�ol earn less than 60% AMI. T'h�e remain�in�g 12 oin�e-bed�rololm un�its will be unrestricted at market rate. All of the 48 two-and th�ree-bed�rololm un�its will be restricted for th�olse earn�in�g less than 60% AMI. Therefore the project will comply with the prolvisioln�s of a Holusin�g TIF District wh�ereby at least 40% of the un�its will be restricted for persoin�s with 60% or less AMI. T'h�e City an�ticipates usin�g tax in�cremen�t reven�ues to, finance a portion of the rehabilitation and construction costs, through prolperty acquisitioln�, associated with Plh�ase 2 olfth�e project as well as related ad�min�istrative expen�ses to, red�uce the cost of prolvid�in�g affbrdable h�olusin�g in the City, as OescriWeUtd�Wer it Sectiolitd.. Plh�ase 1 of the project is expected to, colmmence construction in summer of 2009 and be completed by August 201 1 Plh�ase 2 of the project is expected to, colmmence construction in Anril 4,18 August 20111, and be completed 2011 June 2012. Partial assessments for Plh�ase 1 are anticipated on January 2, 2011, and the Phasp 1 NI project will be 100% assessed and on the tax rolls as of January 2, 2012, for taxes payable in 201 "-F.LParjfi IrI%f%6%f%AI Ik. S�PRINGS�TED Page 3,