City Council Meeting Date: October 26, 2021
To: Members of the Housing and Redevelopment Authority
From: Mitzi Baker, Community Development Director
Nate Carlson, Economic Development Coordinator
Title
HRA review of a proposed Housing Development Tax Increment Financing District and multi-family development at Kraewood.
Body
Action Requested:
The Northfield HRA will consider a proposal to designate property within the Kraewood development as part of a TIF District for a multifamily residential development that would incorporate affordable housing. The HRA has the opportunity to provide a recommendation to the City Council.
Summary Report:
Rebound Stencil Development, LLC is requesting Tax Increment Financing (TIF) from the City of Northfield to assist with a multi-family residential development within the Kraewood subdivision. The property is located between Lincoln Parkway and Greenvale Ave W, across from Greenvale Park elementary school.
The City Council will be holding a public hearing on November 2, 2021 to consider expanding the Southbridge TIF District to include property within the Kraewood development. TIF Districts can include non-contiguous property. Expanding the existing TIF District which has been used to support affordable housing, creates the opportunity to use TIF tools for additional development. Please note that the public hearing notice for the City Council hearing and site map for the TIF District currently includes the entire Kraewood (aka Paulson tree farm) site, reflecting the existing parcel of record. The property is in the process of being subdivided. Once the final plat is recorded, and the new lots are created, the TIF Certification will reflect the lot adjacent to Lincoln Parkway for the proposed apartment development, not the entire property.
At a later date (TBD), the City Council will consider a TIF assistance agreement for development of a multi-family residential development that wou...
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