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<br />Staff is not aware of any other cooperative using a residential leasehold <br />agreement within the City ofRoseville. <br /> <br />3. The purpose of this homestead cooperative is to allow members of the <br />cooperative (the residents of Calibre Ridge) to reduce housing costs by <br />changing from a low/moderate income rental property tax classification and <br />rate to a tax classification and rate equivalent to an owned and occupied <br />residential property. The homestead cooperative leasehold is treated similar <br />to an owner occupied housing unit for the 20 year 6 month leasehold period, <br />during and after which the cooperative has the first right of refusal to <br />purchase the property. <br /> <br />4. A public hearing and a resolution with findings is required of the City in order <br />to complete this transition to a homestead classification. <br /> <br />5. lfu land use or other physical change to the site is proposed within this <br />reclassification request. <br /> <br />6. The difference between the current rental taxes ($88,099) and the proposed <br />owner occupied homestead taxes ($25,912) will be $62,188. This represents <br />a 71 % reduction in taxes as part of the housing costs. Seen from a different <br />perspective, the estimated reduction in costs on a per unit basis would be as <br />follows: <br /> <br />Type of Property Tax Existing Proposed <br />Annual tax on entire $88,099 $25,912 <br />project <br />Annual tax on typical unit $1,798 $529 <br />Monthly tax share on $150 $44 <br />typical unit <br /> <br />Source: City ofRoseville Finance and Community Development Departments. <br /> <br />Request: <br /> <br />1. In order to complete the property tax reclassification the City must hold a <br />public hearing and find the following: <br /> <br />a. The housing will be safe, clean, and affordable and it would not be so <br />