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CCHT Request for Funding Recommendation- Page 3 of 4 <br />collected to reimburse the HRA for its initial investment and allow them to reinvest the recaptured <br />funds for other projects. Even if the new de velopment proceeds and the value increases higher <br />than projected, the additional increment can be coll ected to reimburse the HRA funds. All of these <br />factors would be negotiated in a development agreement with CCHT. <br /> <br />3.0 Policy Decisions – Should the HRA support pub lic funding for the project and what is <br />the public purpose? <br /> <br />3.1 One of the key goals in the Roseville HRA Housing Plan is to: <br /> <br />a. “Preserve existing housing and develop new hous ing in partnership with federal, state <br />and regional agencies and non-profit community groups and businesses.” <br /> <br />i. This project not only preserves but it also enhances one of the City’s high priority <br />dilapidated multi-family complexes. With a complete renovation in partnership with <br />a well respected non-profit housing group, th e property will provide a quality living <br />environment for some of the lower incom es residents of the community. Affordable <br />rental housing serves resident that work in lower paying jobs in the community such <br />as retail and service jobs. <br /> <br />ii. In addition, the project will increase the tax base by over $6.8 million. <br /> <br />iii. The City’s financial participation is 4.4% (rehab) and 7% (new) of the total public <br />assistance being requested through other stat e, county and regional agencies. Those <br />sources may be committing as much as 64% (rehab) and 80% (new) in public <br />assistance. This is a partnership between many public and private entities. <br /> <br />iv. The new affordable housing units will he lp in meeting the Metropolitan Council’s <br />goals for providing affordable housing. Roseville has not seen the construction of <br />any new affordable housing for over 12 years. In addition, one of the key purposes <br />of an HRA is to ensure that there is an adequate and safe supply of affordable <br />housing in the City. <br /> <br />3.2 Further under the implementation strategies the HRA goals concerning multi family housing under <br />section 4.1 states: <br /> <br />a. Work with rental property owners to encourag e continuous improvements that contribute to a <br />quality living environment of its tenants and the sustainability of mixed-use neighborhoods. <br /> <br />i. The Har Mar property is in dire need of improvements and the renovation and <br />redevelopment proposed will significantly improve the living environment of its <br />current and future tenants. <br /> <br />b. Develop an Apartment Improvement Program that provides an innovative funding program <br />to rental property owners to make necessary improvements to aging complexes. Reserve the <br />Local Development Corporation and other CDBG based funds for the support of the <br />program. I dentified as a high priority by the HRA. <br /> <br />i. Of the total $350,000 needed for the project, $250,000 would be provided from the <br />HRA’s restricted funds that are a product of Local Development Corporation and <br />CDBG dollars.