HomeMy WebLinkAbout5N - Jeffers Pond Family Townho
CITY COUNCIL AGENDA REPORT
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
MEETING DATE:
AGENDA #:
PREPARED BY:
AGENDA ITEM:
DISCUSSION:
ISSUES:
CONCLUSION:
ALTERNATIVES:
RECOMMENDED
MOTION:
REVIEWED BY:
JULY 19,2004
.s1V
JANE KANSIER, PLANNING DIRECTOR
CONSIDER APPROVAL OF MOTION AUTHORIZING
PREPARATION AND SIGNATURE OF A LETTER
ACKNOWLEDGING THE WITHDRAWAL OF THE LOCAL
HOUSING INCENTIVES GRANT FOR A HOUSING
DEVELOPMENT TO BE KNOWN AS JEFFERS POND FAMILY
TOWNHOMES
Historv: On July 29, 2002, the City Council authorized the staff to send a
letter in support of a housing development to be known as Jeffers Pond
Family Townhomes. This letter stated the City's support of the use of
Minnesota Housing Finance Agency (MHF A) tax credits, and $200,000
Local Housing Incentives Grant from the Metropolitan Council.
In June, 2004, Jim Deanovic returned the tax credits back to the MHF A. It
appears this project is no longer viable.
The Metropolitan Council has requested a letter from the City
acknowledging the return of the tax credits and the return of the Local
Housing Incentives Grant.
The Local Housing Incentives Grant is a project specific grant issued to the
City. The City then reimburses the developer for costs of a specified project,
in this case, the Jeffers Pond Family Townhomes. Since that project will not
be done, the grant is no longer valid.
The Council needs to determine whether it wishes to direct staff to draft and
send a letter acknowledging the returned grant.
1. Direct staff to prepare the letter acknowledging the returned grant.
2. Provide staff with other direction.
L:\03 Files\03 Subdivisions\03 Prelim Plat\jeffers pond\IJN:WwJ~{iDgi_klseu~port,doc
Phone 952.447.4230 / Fax 952.447.4245
JUN-15-~4 15:38 FROM.MN HOUSING FINANCE AGENCY
ID.8512888545
~003
PAGE
2/2
07/08/2004 12:47 FAX 6516021442
MET. COUNCIL
9465 Amesbury Lane
Eden Prairie, MN. 55347
June 1, 2004
;,
.... ~
" .r~
In regards to:Jeffers Pond
Phil Hagelberger
Minnesota Housing Finance
400 Scbley Street~ Suite 300
St. PauL, Mn. 55101
Dear Phil,
The estate has delayed the approval process to a point that would make it difficult to get a
road in and start construction this year. We do have next year to build, but prices have
increased, and if we wait the PerConna will only get worse. The Performa bas a
significant gap already with the most current construction pricing.
The approved Performa had tax. numbers that barely worked. I have other completed
projects that are struggling due to tax increases, and tax law that is hard to argue against.
So before we start it would be bard to perform properly. Therefore I regretfully have to
tum in Iny credits for Jeffers Pond.
Thank you,
.,/ \
/ )-~
V
Jim Deanovlc
07/08/2004 12:47 FAX 6516021442
MET. COUNCIL
~~ ~esotaHOusing
'..lIlfLreAgrnry
400 SibleySrreer, Suite 300, St. Paul, MN 55101
651.296.7608
ny 65 L297.2361
June 15,2004
Jim Deanovic
Jeffers Pond Family Housing Limited Partnership
9465 Amesbury Lane
Eden Prairie, MN 55347
RE: Low Income Housing Tax Credit Program
Jeffers Pond Family Townhomes
MHFA # 03029
Dear Mr. Deanovic:
IaJ 002
800.657.3769
www.mhft..statt.mn.us
Thank you for interest and participation in the Low Income Housing Tax Credit
Program. To confirm your intensions to return your low-income housing tax credits to
MHFA, please contact Tamara Wilson by phone at 651-296-4451. We would appreciate
a written confirmation by the end of business on Friday, June 18, 2004.
If MHF A does not, receive a written acknowledgment by the end of business on Friday,
June 18th. MHFA will re-assign the credits to an eligible development in the next
funding cycle. If you feel that we have error, please contact your underwriter Phil
Hagelberger at 651-297-7219.
Thank you again for your participation in the Low Income Housing Tax Credit
Program.
Cc: Phil Hagelberger
Met Council
Family Housing Fund
}'our Housing Resource of Choice
Equal Opportunity Housing and Equal OpportUnity Employment