Agenda Item Title:
17TIF002 - Appeal of Tax Increment Review Committee’s decision to create an affordable housing Tax Increment District
Origination Group:
TIF District Review Committee
Origination Meeting Date:
03/29/2017
Stage 2 Group Name:
Planning Commission
Stage 2 Meeting Date:
04/06/2017
Petitioner:
Joy McCracken for NeighborWorks® Dakota Home Resources
Staff Contact:
Patsy Horton
Location:
Southeast Quadrant of Dilger Avenue and Monroe Street
Agenda Item Summary:
The purpose of this proposed Tax Increment District is to convert an empty residential lot into five new housing units. The Village on Monroe units are expected to be listed at $104,400 for the one bedroom homes and $142,000 for the two bedroom homes. These prices will allow for housing costs ranging from 18% to 25% of total income for households at the median income of $46,966. A purchase price of $104,400 would allow a household with an income as low as $28,500 to afford a home with an expected housing cost of 30% of total income. The proposed district will provide funding for the land acquisition costs, appraisal and associated financing expenditures for a total district cost of $87,400.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Funding Source & Fiscal Impact Notes:
The Project Plan will be funded by the applicant.
Recommendations:
Origination Recommendation Notes:
Tax Increment District Committee denied the request to create the district: 3/29/2017