Laserfiche WebLink
<br />affordable if not for the reclassification to homestead. <br /> <br />b. The property tax savings will be used to reduce tenant housing costs. <br /> <br />c. The cooperative will exist for at least 20 years and will participate in <br />the ongoing management of the facility. <br /> <br />d. At least 40% of the cooperative resident members have incomes below <br />60% of the Twin Cities median income. <br /> <br />e. There has been some public financing in the low/moderate income <br />housing property. <br /> <br />2. The City's additional interest is to re-state that all project land use approvals <br />and attached conditions are adhered to by the new cooperative's management. <br /> <br />Policy Issues: <br /> <br />1. The City has, in the past, endorsed providing its share of low and moderate <br />income housing opportunities throughout the community. <br /> <br />Alternatives: <br /> <br />1. Approve the resolution, providing direction to the County to reclassify the <br />property homestead, making housing more available to lower income <br />families. <br />2. Deny the request, wherein the Calibre Ridge project and residents would <br />carry the full burden of rental townhouse property taxes. <br /> <br />Staff Recommendations: <br /> <br />1. Staff recommends approval of the request by resolution. <br /> <br />Council Action Requested: <br /> <br />1. Motion to approve adoption of resolution recommending approval of change <br />in property tax classification from rental townhouse project to homestead <br />property . <br /> <br />Staff Report by: Dennis Welsch <br />