Council approves TIF plan to support 20-unit workforce housing project
The council voted to adopt a tax-increment financing (TIF) plan and agreement for a proposed housing district adjacent to an assisted living facility; the plan requires 20% of units be available to households at 50% of county median income and directs increments to the developer over the district’s first decade.
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A presenter outlined a proposed tax increment financing plan to create a housing district on a vacant parcel east of an assisted living facility and described income requirements and financing terms. "20% of the units have to be made available to folks that are at 50% of county median income by family size," the presenter said, and explained that the developer would receive "90% of the increments over the 1st 10 years of the life of the district" with different percentages depending on rental versus owner-occupied units. The presenter also identified the project as a beneficiary of a Minnesota Housing Finance Agency workforce housing development program.
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