City Council Meeting Date: June 5, 2018
To: Mayor and City Council
City Administrator
From: Chris Heineman, Community Development Director
Janine Atchison, Housing Coordinator
Title
Consider Resolution of Support of Tax Increment Financing for Affordable Housing Spring Creek II Project in Southbridge Area
Body
Action Requested:
The Northfield City Council considers adopting the attached Resolution in support of Tax Increment Financing (TIF) for the Spring Creek II Affordable Housing project subject to the allocation of tax credits.
Summary Report:
One of the six strategic priorities included in the 2017 Northfield Strategic Plan is Affordable Housing, which includes the desired outcome of growing and maintaining affordable housing. One of the strategic initiatives to accomplish this target is to develop the Southbridge Property. This target refers to the 11.18 acres of HRA owned land in the Southbridge Subdivision. The HRA has been evaluating options for development of this area for the past 18-months, and is recommending an expansion of the Spring Creek Townhome project.
The original Spring Creek Townhome project included 28 townhome units developed in 2013. The proposed expansion project, Spring Creek II, will add 32 affordable housing units adjacent to the existing townhomes. The project aligns perfectly with the City's strategic initiatives to provide affordable workforce housing in Northfield and is a key outcome in the strategic plan.
Businesses have identified the lack of the affordable housing as a key factor in attracting new employees to the area. Including the 28-units in the original Spring Creek Townhome project, only 36 townhome units have been developed in Northfield since the recession in 2008. This compares to 516 townhome units that were constructed between the years of 2001 and 2007. The proposed 32-unit expansion of Spring Creek Townhomes is one strategic initiative to address the shortage of affordable housing in Northfield.
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