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2006-10-17_Agenda
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2006-10-17_Agenda
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Commission/Committee
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Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
10/17/2006
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lower than projected by CCHT, it is possible that City assistance could be reduced for <br />the rehab. <br /> <br />CCHT does not disagree with this analysis but does have other concerns that require <br />City assistance. They do not have full commitment on all their other funds, and some <br />may not come through. CCHT also suggests that other public entities providing <br />assistance want local money in the project. Other factors that impact their need for <br />assistance are interest rates and rising construction costs. <br /> <br />Construction of New Apartment Building <br />The level of assistance requested for the new apartment building is determined in the <br />same way as the existing apartment project. There are new construction costs, <br />developer fee, developer overhead and pre-de velopment costs totaling $10.57 million. <br />Currently identified revenue sources of $9.97 million include tax credits, first mortgage, <br />Ramsey County, Met Council, MHFA funding and corporations. The difference of <br />$600,000 is being requested from the City in the form of tax increment assistance. <br /> <br />As with the existing apartment project, the impact of lower market values could lower the <br />property taxes and subsequently lower the requested amount of assistance. Without a <br />significant change in the assumptions, the new apartment development will require some <br />City assistance. <br /> <br />Conclusion <br />A better understanding of the costs and issues discussed above will help determine the <br />appropriate level of assistance. We would like further information on how the tax <br />increment is to be used in the project since TIF does not easily generate up front dollars <br />for current expenses. This is a very exciting project and we look forward to helping make <br />this work for CCHT and the City. Please call if you have any questions. <br /> <br /> <br /> <br />G:\WPDATA\R\ROSEVILLE HRA 116 37\04\COR\BENNETT GDJ 3.DOC <br /> <br /> <br />
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