2009_0615_ Packet - Laserfiche WebLink

Home

City of Roseville, Minnesota Parcel ID Number Legal Description 09-29-23-44-0247 * The south 7 acres of the NE Quarter of the SE Quarter of the SE Quarter (NE'/4 of SE'/4 of SE'/4), Section Nine (9), Township Twenty-Nine (29), Range Twenty-Three (23), according to the Government Survey thereof, all subject to roadway easements. *The parcel listed above will be replatted; as a result new parcel ID numbers and legal descriptions will replace that listed above. The area encompassed by the TIF District shall also include all street or utility right-of-ways located upon or adjacent to the property described above. Section H Property to be Acquired in the TIF District The City may acquire and sell any or all of the property located within the TIF District. The City does not anticipate acquiring any such property at this time, but may reimburse developers for the cost of such acquisition. Section I Specific Development Expected to Occur Within the TIF District The proposed project includes the redevelopment of the Har Mar Apartments project. The project is expected to be completed in two phases. Phase 1 shall consist of the complete rehabilitation of 120 existing one-bedroom apartment units within five buildings. Phase 2 shall consist of the construction of 48 two-and three-bedroom apartment units within one building. Phase 1 shall also include the subdivision, reconfiguration and redevelopment of the site, which will reduce surface parking, maximize green space, and connect the buildings through landscaping and improved walkways. The proposed project will transform a blighted, semi-vacant property into a 168-total-unit apartment community for persons and families of low to moderate income. The project will comply with the Tax Increment Financing (Housing) District income requirements for rental property (i.e., either 20% of the units must be rented to persons whose income is 50% or less of area median income or 40% must be rented to persons 60% or less of area median income). Ten of the 168 rehabilitated and constructed apartments will provide housing for individuals experiencing long-term homelessness and who earn less than 30% of the area median income (AMI). Ninety-six one-bedroom units will be restricted for persons or families who earn less than 60% AMI. The remaining 12 one-bedroom units will be unrestricted at market rate. All of the 48 two-and three-bedroom units will be restricted for those earning less than 60% AMI. Therefore the project will comply with the provisions of a Housing TIF District whereby at least 40% of the units will be restricted for persons with 60% or less AMI. The City anticipates using tax increment revenues to finance a portion of the rehabilitation and construction costs, through property acquisition, associated with Phase 2 of the project as well as related administrative expenses to reduce the cost of providing affordable housing in the City, as described further in Section K. Phase 1 of the project is expected to commence construction in summer of 2009 and be completed by August 2010; Phase 2 of the project is expected to commence construction in April 2010, and be completed by March 2011. Partial assessments are anticipated on January 2, 2011, and the fully completed project will be 100% assessed and on the tax rolls as of January 2, 2012, for taxes payable in 2013. At the time this document was prepared there were no signed development contracts with regards to the above described development. SPRINGSTED Page 3