Developer says 148-unit student housing hinges on HRA housing TIF; council seeks more documentation
Developer Brian Forcier told council the 148-unit project next to Lake Superior College is financed contingent on a housing TIF; HRA staff said the maximum TIF request is $5.7 million against a $34,068,000 project and 30 units (20%) would be set at 50% AMI.
The full story
Developer Brian Forcier described a long-planned 148-unit mixed-income project near Lake Superior College and said construction financing is "fully financed pending the outcome of the TIF district." The project includes an affordability component: HRA staff clarified 30 units (20%) must be affordable at 50% of area median income under the housing TIF rules and that full-time students cannot occupy those affordable units as an eligibility rule.
Sign up to keep reading.
Your free newsletter brings you what your city council, county, and school board discussed and decided.