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Council for review of the project.The Metropolitan Councilwill review whether the project is suited 29 for LCDAfunds,to revieweligible and ineligible grant activities, and allowMetropolitan Council 30 staff to provide general project feedback. This preliminary application does not commit the REDA, 31 or the City,to applyfor LCDA fundsin the event the REDA chooses to not pursue support of the 32 project this evening. 33 In the event the REDA does want to continue support for the project, aResolution supporting 34 application for LCDA funds is included as attachment D.If the Metropolitan Council determines 35 that the project’s overall concept meets LCDA intentions then the REDA will be notified by June 2, 36 2017to submit an application for LCDA funds that will be due by June 29, 2017. 37 Minnesota Housing Finance & LocalFunding Sources 38 The only other application that will be due is to Minnesota Housing Finance for Housing Tax Credits 39 and additional gap funding by June 15, 2017. A separate Resolution is not needed specifically for 40 this funding request, however,a Resolution of financial support or letter is needed documenting the 41 creation of a Tax Increment Financing (TIF) district and the commitment of the REDA Community 42 Development Block Grant (CDBG) fundsto the project(attachment E). 43 Atimeline and summary of the applications can be found asattachment F. 44 PO OLICYBJECTIVE 45 The City of Roseville and Roseville Economic Development Authority(REDA) adopted Public 46 Financing and Business Subsidy Policyon October 17, 2016 (attachment G). 47 BI UDGET MPLICATIONS 48 The table below outlines thefunds being sought for the financing of the proposed development. 49 The developer is requestingthe City contribute $1,006,000 of TIF and $350,000 of REDA CDBG 50 funds.The CDBG funds are restricted funds that need to be used for qualifying activities, which this 51 proposed development would meet. 52 Funding Sources Percentage of Financing Funding Requested of City of Roseville City - Tax Increment Financing $1,006,000 City-Community Development Block Grant (CDBG) $350,000 Total City Investment$1,356,0002.92% Other Funding Sources MHFA- Application Deadline June 15, 2017 $1,420,214* 3.06% LCDA – A PCP submitted on May 4, 2017 and full $1,044,000* 2.25% application due June 29, 2017 Ramsey County HOME - A Resolution of Support $ 100,000 .22% would be needed by May 9, 2017 Mortgage, Owner Equity, Energy Rebates, Deferred $42,540,021* 91.55% Fees Total Other Investment $45,104,235* Total Development Cost with City Contribution $46,460,235* 100% *Denotes rough estimates as of April20, 2017. 53 Page 2of 3