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City Council Regular
Consider Resolution 19-31, Real Estate Equities Housing Revenue Bonds
Matt Brown, Economic Development Coordinator
The Council is asked to consider a reslution granting preliminary approval of the use of conduit revenue bonds for an apartment project near 94th Avenue and Springbrook Drive.
On January 15, the Council approved a term sheet and tax-increment financing plan related to a 184-unit workforce apartment project near 94th Avenue and Springbrook Drive. All units in the proposed building would be affordable to households earning 60% of area median income. The developer, Real Estate Equities, intends to submit a site plan application in the coming weeks that would be considered by the Planning Commission and Council. A neighborhood open house for the project is scheduled for February 20.
Project financing will include federal tax credits, tax-increment financing, and conduit revenue bonds. Real Estate Equities has requested that the City act as the issuer for tax-exempt bonds, in an amount not to exceed $30,000,000, to fund the project. Provided these bonds are authorized, the Developer will apply to the Minnesota Housing Finance Agency for federal tax credits. The bonds, which are not an obligation of the City, will provide construction financing for the project and will be paid down after the project has stabilized and permanent financing is obtained.
Staff recommends that the Council adopt Resolution 19-31 providing for a public hearing regarding a multifamily housing development and granting preliminary approval to the issuance of conduit revenue bonds for the Port Evergreen apartment project.
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