14-046 - 05-20 - Expressing Intent to Create and Administer A Tax Finance District for Cornerstone Resolution 14-46 May 20, 2014
Member Fonnest introduced the following resolution and moved its adoption:
EXPRESSING INTENT TO CREATE AND ADMINISTER A TAX INCREMENT
FINANCE DISTRICT FOR CORNERSTONE CREEK DEVELOPMENT
WHEREAS, the City of Golden Valley (the City) through its Housing and
Redevelopment Authority (the HRA) established the Highway 55 West Redevelopment
Project Area in order to implement the vision for the revitalization of this neighborhood; and
WHEREAS, a need has been identified for additional affordable housing in the city;
and an opportunity has arisen within the Highway 55 West Redevelopment Project Area;
and
WHEREAS, Jewish Housing and Programming (J-HAP) is a non-profit organization
dedicated to creating independent, affordable, service-enriched housing for adults with
developmental disabilities, ages 22-54, to live in a safe, permanent, welcoming community; and
WHEREAS, research conducted in the Minneapolis area and national research
based data collection indicates that:
• 8% of any given population are individuals, 18+ years old, with a cognitive-based
disability
• 72% live with a parent or relative, compared to only 20% of their non-disabled peers
• In the Twin Cities, it is estimated that of the 2.8 million residents, approximately
130,000 are young adults, ages 18-54 with cognitive-based disabilities; and
WHEREAS, J-HAP is currently proposing to develop the "Cornerstone Creek"
affordable housing project consisting of 45 units of housing to serve adults with
developmental disabilities at 9300 and 9310 Golden Valley Road within the Highway 55
West Redevelopment Project Area in the City (Cornerstone Creek); and
WHEREAS, Cornerstone Creek will provide a welcoming place where adults with
developmental disabilities can thrive through enriching, inclusive opportunities; and
WHEREAS, the Cornerstone Creek housing model will focus on creating
independent, support enriched living with an emphasis on individualized person centered
planning revolving around personal goals in social educational vocation and recreations
supports; and
WHEREAS, Cornerstone Creek will be a nationally replicable model that will
incorporate a number of sustainable design strategies, including measures aimed at energy
and water conservation; occupant health; and material durability; and
WHEREAS, Cornerstone Creek will provide residents with a seamless connection to
secular and Jewish community life and is slated to open in 2016; and
Resolution 14-46 — Continued May 20, 2014
WHEREAS, it is anticipated that successful development of Cornerstone Creek will
require assistance in the form of the Tax Increment Financing in order to achieve financial
feasibility; and
WHEREAS, J-HAP will be submitting an Low Income Housing Tax Credit application
to the Minnesota Housing Finance Agency in June of 2014 for the Cornerstone Creek
project; and
WHEREAS, an important component of the MHFA's scoring preference criteria is a
resolution of financial support for the applicant's project by the City Council;
NOW THEREFORE, BE IT RESOVED, that subject to approval of the Golden Valley
City Council and the HRA and evidence that tax increment assistance for Cornerstone
Creek meets the requirements of Minnesota Statutes, Sections 469.174 through 1794 (the
TIF Act), the HRA intends to create and administer a Tax Increment Finance district limited
in terms sufficient to meet financial requirements of Cornerstone Creek in compliance with
the TIF Act.
STATEMENT OF PURPOSE:
This resolution expresses intent to create a Tax Increment Finance district as
needed subject to City Council and HRA approval and verification of compliance with all
provisions of the TIF Act for the Cornerstone Creek development project proposed by J-
HAP to create 45 units of affordable housing consistent with City plans for neighborhood
revitalization.
Joanie Clausen, Mayor Pro Tem
ATTEST:
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Kristine A. Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Schmidgall and upon a vote being taken thereon, the following voted in favor thereof:
Fonnest, Schmidgall, Snope and Clausen and the following abstained: Harris and the
following voted against the same: none, whereupon said resolution was declared duly
passed and adopted, signed by the Mayor Pro Tern and her signature attested by the City
Clerk.