HomeMy WebLinkAbout2016-02-09 PACKET 04.05.A.
To: Economic Development Authority Members
Charlene Stevens, City Administrator
From: Robin Roland, Finance Director
Date: February 3, 2016
Subject: TIF District Creation
Cottage Grove Leased Housing Associates I, LLP(Dominium Development)
Introduction & Discussion
City staff has been working with Dominium, an owner/developer/manager of multi-family housing
projects, on a proposed new construction of a senior independent living housing development
to be located at 6961 East Point Douglas Road South. In late October 2015, the EDA along
with the City Council and Planning Commission members were offered an opportunity to tour
two similar Dominium facilities in St. Anthony Village and Crystal.
The project would include approximately 184 residential units of market rate housing with
resident amenities and parking. The developer anticipates a project market value of $25 million
upon completion.
The developer is requesting that Tax Increment Financing (TIF) be considered by the City/EDA
for the project to assure the affordability of the rental units in the completed development.
Consideration of this request will take place within the timeline included with this memo.
Action Requested
Adopt the attached resolution requesting the City Council call a Public Hearing on
the proposed creation of TIF District 1-17.
Adopt the attached resolution calling for a public hearing on the business subsidy
in connection with TIF District 1-17 at the EDA meeting on March 8, 2016.