City Council Meeting Date: April 16, 2019
To: Mayor and City Council
City Administrator
From: Janine Atchison, Housing Coordinator
Title
Consider Resolution and Letter of Support of Tax Increment Financing for Affordable Housing Spring Creek II Project in Southbridge Area.
Body
Action Requested:
The Northfield City Council to consider adoption of the attached Resolution in support of Tax Increment Financing (TIF) for the Spring Creek II Affordable Housing project.
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 and is recommending an expansion of the Spring Creek Townhomes.
The original Spring Creek Townhome project included 28 townhome units developed in 2012-13. In March 2017, non-profit developer Three Rivers Community Action (TRCA) agreed to partner with the Northfield Housing & Redevelopment Authority (HRA) on a new project to increase the number of affordable rental housing units at Spring Creek Townhomes. The proposed project will be located on a portion of the 11.18 acres, Rice County Parcel 22.07.3.03.003 owned by the HRA in the Southbridge area. 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 h...
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