HomeMy WebLinkAbout2005-005 EDAR1
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Commissioner Kathleen Carmody
moved its adoption:
EDA RESOLUTION NO. 2005 -05
introduced the following resolution and
RESOLUTION SUPPORTING HENNEPIN COUNTY CONSIDERATION OF
HOUSING BONDS FOR SENIOR HOUSING PROJECT IN BROOKLYN
CENTER AND CONTINUED DEVELOPMENT OF A POTENTIAL
DEVELOPMENT AGREEMENT WITH VOLUNTEERS OF AMERICA
WHEREAS, the Economic Development Authority in and for the City of Brooklyn
Center (EDA) was approached by the Volunteers of America regarding a proposed 60 unit affordable
senior rental housing project; and
WHEREAS, the Developer, working with the Volunteers of America, has provided
the EDA with a senior housing market analysis from Maxfield Research Inc. indicating a need for
350 affordable senior rental units within Brooklyn Center, and
WHEREAS, the EDA has been considering the proposal for sixty units of affordable
senior housing from the Volunteers of America, and
WHEREAS, the EDA directed staff to consider and explore the possibility of
Hennepin County's participation in the financing of an affordable senior housing development within
Brooklyn Center, and
WHEREAS, a scenario with the participation of Hennepin County results in more
affordable rental rates for seniors and a shorter lease up period for the project; and
WHEREAS, the Economic Development Authority is required to expend Tax
Increment receipts for the benefit of low and moderate income housing in Brooklyn Center; and
WHEREAS, the project proposed by Volunteers of America involves an organization
with a proven record of senior housing management; and
WHEREAS, the EDA wishes to proceed further with the development and review of
a framework for a potential redevelopment agreement with Volunteers of America.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
in and for the City of Brooklyn Center that:
1. The EDA requests that Hennepin County favorably consider participation in the
financing of the Volunteers of America's proposed affordable senior housing
project within Brooklyn Center through the issuance of general obligation bonds
on the part of the Hennepin County HRA.
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EDA RESOLUTION NO. 2005 -05
2. The EDA directs staff to negotiate a proposed development agreement with the
Volunteers of America to construct an affordable senior housing project for
consideration by the EDA.
February 14, 2005
Date
/2'1
Presid nt
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Kay Lasman
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kathleen Carmody, Kay Lasman, and Diane Niesen
and the following voted against the same: Mary O'Connor
whereupon said resolution was declared duly passed and adopted.