HomeMy WebLinkAbout2013-014 EDAR Commissioner Lin Myszkowski introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO. 2013-14
RESOLUTION AUTHORIZING THE USE OF TAX INCREMENT DISTRICT 3
HOUSING FUNDS FOR SITE IMPROVEMENTS RELATING TO THE LAKE
POINTE PARKING LOT IMPROVEMENTS
WHEREAS, the Lake Pointe Apartments, formerly known as the Twin Lakes
Apartments, is a 311 unit apartment complex comprised of 13 buildings on approximately 19 acres
located south of 53rd Avenue North and east of Drew Avenue N, (3413 53rd Avenue and 3305 53rd
Avenue); and
WHEREAS, the property was acquired by Soderberg Apartment Specialists in 2013
and is now in the final stages of a major renovation of all of the units and significant improvements
to the common spaces and parking lots within the complex; and
WHEREAS, the development plans include an option for the installation of a
concrete curb at a cost of$34,000 along the eastern edge of the parking lot which is considered by
the EDA as a beneficial improvement to this project and future community planning relating to the
realignment of a Regional Bike Trail; and
WHEREAS, the EDA does have the option of investing Tax Increment 3 Housing
Funds into site improvements and enhancement for eligible housing projects which meet the
following affordability requirements:
- 20%of the rental units(62 units)are rented to individuals that earn less than 50%of the area
median income of$83,900 ( annual wages of$41,950), or
- 40% of the rental units (124 units) are rented to individuals that earn less than 60% of the
area median income of$83,900 (annual wages of$53,340).
NOW,THEREFORE,BE IT RESOLVED by the Economic Development Authority
in and for the City of Brooklyn Center that the City Manager is hereby authorized to enter into an
agreement with Soderberg Apartment Specialists for the reimbursement of project cost in the amount
of $34,000, the costs associated with the ACS Asphalt Concrete Solutions proposal for the
installation of 2,217 linear feet of B-612 concrete curb, subject to the following condition:
1. That Soderberg Apartment Specialists provide the EDA with the necessary
documentation that the project meets the affordable housing criteria required
for a Tax Increment Housing Fund expenditure.
October 28. 2013 7�;;� .
Date President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Kris Lawrence-Anderson
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Carol Kleven, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution wa s declared ed dul Yp assed and adopted.