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CCHT Request for Funding Support- Page 2 of 2 <br />goal is to keep the units affordable. This is a key component of their corporate mission. <br />However, to achieve this, public assistance will be needed. <br /> <br />2.4 CCHT will request a multitude of public financi ng components. In addition to the support <br />for state funding, two specific funding requests are being made to the City of Roseville and <br />the Roseville HRA. This includes $350,000 in grant funds from existing HRA restricted <br />funds as well as tax increment financing whic h would be generated from the increase taxes <br />due to the renovation of existing units and the development of new units on the site. <br /> <br />2.5 The HRA is not being asked to decide on awarding the funds at this meeting. The HRA is <br />however being asked to explore the feasibility of providing this type of public assistance to <br />the project. The evaluation will require that the HRA attorney (Krass Monroe) review <br />CCHT’s financial information and provide a r ecommendation back to the HRA at a future <br />meeting. The HRA does have existing budgeted f unds for professional services to do this <br />evaluation. <br /> <br />2.6 The HRA does not have the legal authority to esta blish a tax increment district for the project <br />but can provide a recommendation to the City Council to facilitate this request once the <br />financial information has been reviewed. <br /> <br />3.0 Staff Recommendation <br /> <br />3.1 Based upon the HRA’s goals outlined in the Housing Plan, which is part of the City’s <br />Comprehensive Plan, to support opportunities for affordable housing and the renovation <br />of multi-family housing as well as the 2006 priority action steps to pursue partnerships <br />with other public, private and non-profit housing providers, staff recommends the <br />following: <br />a. Support CCHT’s funding request to Minnesota Housing Finance Agency as part <br />of the 2006 consolidated RFP application process. <br />b. Support the review of HRA funding and the use of tax increment financing for the <br />project and direct staff to consult with the RHRA Attorney – Krass Monroe <br />regarding the financial review of the project. <br /> <br />4.0 Suggested HRA Action <br /> <br />4.1 By resolution, support the Central Community Housing Trust application to Minnesota <br />Housing Finance Agency for the renovation and redevelopment of the Har Mar <br />Apartments at Snelling and Hwy 36 in Roseville. <br /> <br />4.2 By motion, direct staff to consult with the HRA attorney, Krass Monroe regarding the <br />review of HRA funding and tax increment financing to Central Community Housing <br />Trust for the renovation and redevelopment of the Har Mar Apartments in Roseville. <br /> <br />Attachment – Draft Resolution, Property details, CCHT request letter <br /> <br />Prepared by: Cathy Bennett (792-7015)