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CMHP working on Wright Street development agreement; EDA discusses TIF and timelines
Summary
Community Mortgage Housing Partnership (CMHP) and city staff are drafting a purchase and development agreement for Wright Street; CMHP provided a preliminary schedule to meet a July state application deadline, and staff said they are exploring TIF as a possible financing tool.
City staff and partners told the EDA on April 2 that they are advancing a potential housing project on Wright Street with Community Mortgage Housing Partnership (CMHP). Eric said CMHP sent a preliminary schedule for the state's application process and that staff are preparing a purchase and development agreement for EDA review.
Eric said the preliminary schedule indicates the group needs to complete a state application by July to be eligible for the funding cycle. He said staff have shared prior HRA example agreements with the city to avoid starting from scratch and that the city, CMHP, HRA and the airport manager (where relevant) will meet to iron out details.
Eric also told the board staff is beginning preliminary discussions about whether tax increment financing (TIF) could support a housing financing package; those discussions are at an early stage and no TIF district or financing commitment has been made. Staff said they expect to continue work and update the EDA at or before the June meeting to meet application timelines.
No formal vote or financing decision was taken at the meeting; staff said they do not anticipate needing a special meeting at this time but will keep the board informed.
