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CCHT Request for Funding Discussion- Page 1 of 1 <br />REQUEST FOR HRA DISCUSSION <br /> <br />Date: 8-15-06 <br />Item No: 9.a. <br />Director Approval: Agenda Section: <br /> CB Action Item Description: Discuss Central Communi ty Housing Trust’s Request for Public <br />Funding Assistance for Har Mar Apartments Renovation (HF0039) <br /> <br />1.0 Background <br /> <br />1.1 In June, the HRA authorized the review of HRA funding and the use of tax increment <br />financing per the request of CCHT for the renovation and redevelopment of the Har Mar <br />Apartments. HRA attorney and public finan ce consultant Jim Casserly has been working <br />with CCHT regarding their request over the past month. Mr. Casserly will present his <br />findings to date as well as discuss policy opti ons for the HRA’s consideration regarding the <br />project. <br /> <br />1.2 The Har Mar Apartments are in need of major renovation and repair. The 40 year old <br />complex has been experiencing deferred maintenan ce over the years. However, this property <br />serves a great need for affordable apartment liv ing in the community. Currently the site is <br />50% vacant which indicates, even with its afford able rents, its condition is not conducive to <br />a quality living environment. <br /> <br />1.3 CCHT has purchased the 120-unit Har Mar Apartments located at Snelling and Hwy 36. <br />CCHT plans to renovate the existing units and create 30 two bedroom units within the <br />existing buildings. This would result in a 20 unit reduction to a total of 100 existing units <br />on the site. In addition, CCHT plans to build new housing on the site that would provide <br />a total mixed-income rental housing complex with affordable workforce units targeting <br />people earning modest wages as well as t hose households earning higher wages. CCHT’s <br />goal is to keep the units affordable. This is a key component of their corporate mission. <br /> <br />1.4 CCHT is requesting a multitude of public fina ncing components which includes City of <br />Roseville TIF and the Roseville HRA CDBG funds. <br /> <br />1.5 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 />project has been fully analyzed and public funding options evaluated. <br /> <br />2.0 Suggested HRA Discussion <br /> <br />2.1 There is no specific action request regarding the project at this time. However, the HRA <br />will have an opportunity to review preliminary cash flow and tax increment generated by <br />the project renovation. Mr. Casserly will present the information, discuss other public <br />finance tools and use of existing HRA funds and discuss next steps.