Laserfiche WebLink
The REDA did provide resolution authorizing the application of LCDA funds for the proposed <br />26 <br />project (attachment C). If the proposed development is invited to submit an application for LCDA, <br />27 <br />it will be due June 29, 2017. <br />28 <br />LocalFunding Sources <br />29 <br />At the REDA meeting on May 8, 2017 the board discussed further financial support of the <br />30 <br />development with creating a Tax Increment Financing (TIF) District and providing Community <br />31 <br />Development Block Grant (CDBG)funds,that the REDA has on balance, to support the application <br />32 <br />to Minnesota Housing Finance for Housing Tax Credits and additional gap funding by June 15, <br />33 <br />2017.Staff was directed to provide information on the projectviasocial media channelsto allow for <br />34 <br />public comment. Attachment D contains comments that were received asofJune 1, 2017. <br />35 <br />The REDA needs to finalize the financial support for the proposed development by adopting a <br />36 <br />resolution to create a Tax Increment Financing (TIF) district in the amount of$1,006,000 and the <br />37 <br />CDBG funds in amount of $350,000(attachment E).The creation of the TIF district will come at a <br />38 <br />later time once all of the notices offinancingapplicationshave been awarded (attachment F),and a <br />39 <br />formal notice and public hearinghave been performed. <br />40 <br />If the REDA board is not comfortable with providing the TIF or CDBG level of support requested, <br />41 <br />it would be appropriate to indicate such at this time in order to save additional time and expense by <br />42 <br />the developer and staff going forward. <br />43 <br />PO <br />OLICYBJECTIVE <br />44 <br />SandDevelopment, LLC application for TIF and CDBG financing assistance was reviewed against <br />45 <br />theCity of Roseville and Roseville Economic Development Authority(REDA) Public Financing and <br />46 <br />Business Subsidy Policythat was adopted onOctober 17, 2016(attachment G). <br />47 <br />BI <br />UDGET MPLICATIONS <br />48 <br />The table below outlines thefunds being sought for the financing of the proposed development. <br />49 <br />The developer is requestingthe City contribute $1,006,000 of TIF and $350,000 of REDA CDBG <br />50 <br />funds.The CDBG funds are restricted funds that need to be used for qualifying activities, which this <br />51 <br />proposed development would meet. <br />52 <br />53 <br />Funding Sources Percentage of <br />Financing <br />Funding Requested of City of Roseville <br /> City - Tax Increment Financing $1,006,000 <br /> City - Community Development Block Grant (CDBG) $350,000 <br />Total City Investment$1,356,000 2.92% <br /> Other Funding Sources <br /> MHFA -Application Deadline June 15, 2017$1,420,214* 3.06% <br /> LCDA – A PCP submitted on May 4, 2017 and full $1,044,000* 2.25% <br />application due June 29, 2017 <br /> Ramsey County HOME - A Resolution of Support $ 100,000 .22% <br /> would be needed by May 9, 2017 <br /> Mortgage, Owner Equity, Energy Rebates, <br />Deferred Fee $42,540,021* 91.55% <br />Total Other Investment$45,104,235* <br />Page 2of 3 <br /> <br />