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affordable housing units. The financial analysis of this project has demonstrated that without infusion of funding through tax increment, this proj ect will not move forward. 2.2 Phase II of the Har Mar Apartments project meets several of the City's preliminarily- approved Comprehensive Plan goals and policies related to housing. The Comprehensive Plan advocates for the development of housing that retaining and promoting a diverse mix of housing (Goal 1, pg. 6-2), promoting housing stock that is appealing to persons of various economic means (Policy 1.1, pg. 6-2), and partnering with government agencies and developers to provide high-quality affordable housing (Policy 1.5, pg. 6-2). Currently there is very little multi-family rental housing available for low-to-moderate income families. The construction of two- and three-bedroom units at a range of affordability levels will begin to close this market gap in Roseville. By approving the TIF district, the City would be initiating a tool by which to fill the existing financial gap in Aeon's Phase II proj ect. 2.3 In addition to this proj ect meeting the obj ectives of the City's Comprehensive Plan, it also helps to the HRA achieve three of its goals as identified in the organization's Strategic Plan, including: Providing a balance of housing in price and product type to meet life cycle needs of the community, promoting the City as a safe place with an enhanced qualify of life and a sense of community, and developing sustainable solutions to housing through green building initiatives. 3.0 SUGGESTED HRA ACTION 3.1 By motion, support the creation of Tax Increment Financing District No. 18 to assist with the development of new affordable housing units at the Har Mar Apartments. Prepared by: Jamie Radel, Economic Development Associate Attachments: A: Aerial photo of site B: Boundaries of proposed TIF district C: Proposed Site Plan Page 3 of 3