HomeMy WebLinkAbout15-083 Create TIF Ron Clark Multifamily Housing Project PRIO4
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4646 Dakota Street SE
41INNES° Prior Lake, MN 55372
RESOLUTION 15-083
A RESOLUTION CONSENTING TO THE PROCESS FOR THE CREATION OF A HOUSING TAX
INCREMENT FINANCING DISTRICT IN SUPPORT OF THE PROPOSED RON CLARK MULTIFAMILY
HOUSING PROJECT
Motion By: McGuire Second By: Morton
WHEREAS, The City of Prior Lake (the "City") is a municipal corporation and political subdivision duly
organized and existing under the Constitution and laws of the State of Minnesota; and
WHEREAS, Pursuant to the Constitution and laws of the State of Minnesota, particularly Minnesota
Statutes, Sections 469.174—469.1799 et. seq., as amended, the City is authorized to use tax
increment financing to carry out the public purposes described therein and contemplated
thereby; and
WHEREAS, A proposal has been made by R.E.C., Inc. d/b/a Ron Clark Construction and Design (the
"Developer") to construct sixty-eight(68) units of multifamily rental housing at or near the
northwest corner of County Highway 42 and Pike Lake Trail in Prior Lake, and 100% of the
units will be affordable to households with incomes at/below 60%of the area median income
(the "Project"); and
WHEREAS, The Developer has submitted plans and applications for approval by the City for a Conditional
Use Permit and a Preliminary Plat related to the Project;
WHEREAS, The City wishes to support the Project and work with the Developer to secure Tax Increment
Financing ("TIF") assistance from the City by creating a Housing TIF District upon the
Developer's securing an allocation of Housing Tax Credits ("HTC") from the Minnesota
Housing Finance Agency ("MHFA") for the Project; and
WHEREAS, The City cannot create a Housing TIF District in support of the Project until all statutory
requirements have been fully satisfied, including the consideration of comments from the
public and affected governmental jurisdictions following a public hearing(s).
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council supports the Project subject to final determination of project eligibility, required
reviews, public input, notices and hearings, and without surrendering its legislative discretion.
3. This City Council, upon MHFA's approval of Housing Tax Credits for the Project, authorizes City staff to
continue to work on Tax Increment Financing for the Project upon receipt of a TIF application and
corresponding fee from the Developer.
PASSED AND ADOPTED THIS 11th DAY OF MAY, 2015.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye a ® ® a a
Nay ❑ ❑ ❑ ❑ E
Abstain ❑ ❑ ❑ ❑ E
Absent ❑ ❑ ❑ ❑ ❑
if
Frank Boyley Manager
M:\City CouncikResolutions12015115-083 Ron Clark Housing TIF.docx 2