Resolution Number 26-16 Housing
RESOLUTION NUMBER 26-16
CONSENTING TO THE PROCESS FOR THE CREATION OF A HOUSING TAX INCREMENT FINANCING DISTRICT IN SUPPORT OF THE PROPOSED ROCK RIDGE MULTIFAMILY HOUSING PROJECT
WHEREAS, the City of Mountain Iron (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 acting through the
Mountain Iron Economic Development Authority (the “EDA”) 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 Domus Development (the “Developer”) to construct 50 units of multifamily housing at Rock Ridge in the City and 100% of the units will be affordable to persons with incomes at 60% of the area median income (the “Project”); and
WHEREAS, the Developer has submitted its development proposal to the City and the City is supportive of continuing further consideration of the Project; and
WHEREAS, the City wishes to support the Project and directs staff to work with the Developer to take the steps necessary to create a tax increment financing district for the Project but cannot agree to create a tax increment district until all statutory requirements have been satisfied, including the consideration of comments from the public and affected governmental jurisdictions following a public hearing; and
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA, that the City supports the Project and, subject to final determination of project eligibility, required reviews, public input, notices and hearings, and without surrendering its legislative discretion, hereby authorizes staff to proceed with the steps required to establish a tax increment financing district for the Project; and
BE IT FURTHER RESOLVED, that City staff, in connection with the activities required to be undertaken by the City and the EDA, continue its analysis of the Rock Ridge project, negotiate the terms and conditions of a development contract with the Developer or an affiliate whose general partner is controlled by the Developer, and prepare a development plan and tax increment financing plan for the Project, all subject to final determination of project eligibility, required reviews, public input, notices and hearings.
DULY ADOPTED BY THE CITY COUNCIL THIS 2nd DAY OF MAY, 2016.
Mayor Gary Skalko