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EDA Agenda 02-13-2019 (Workshop Meeting)
AGENDA WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) Wednesday, February 13h, 2019 — 5:00 p.m. Mississippi Room, Monticello Community Center Commissioners: President Steve Johnson, Vice President Bill Tapper, Treasurer Jon Morphew, Tracy Hinz, 011ie Koropchak-White and Council members Lloyd Hilgart and Jim Davidson Staff: Jeff O'Neill, Angela Schumann, EDA Executive Director Jim Thares, Jacob Thunander, Wayne Oberg 1. Call to Order 2. Roll Call 3. Affordable Housing Discussion — CM�Il' in Attendance 4. Adj ournment EDA Workshop Agenda— 02/13/19 3. Consideration of Discussion re�ardin� Low Income Affordable Housin� Pro�ram- Proiect (JT) A. REFERENCE AND BACKGROUND: This item is in consideration of discussion about a potential Low-Income Affordable Housing Program-Proj ect in Monticello. Previously, the EDA discussed the concept of a Low-Income Housing Tax Credit (429) Project of 36-units +/- with leaders of Central Minnesota Housing Partnership (CMHP). Staff and EDA members generated additional questions regarding a potential project after the conclusion of that discussion in November 2018. The attached outline and list of questions will help guide discussion in the workshop. Al. STAFF IMPACT: The staff impact due to further discussions regarding the topic of Affordable Housing in a workshop setting is minimal. A2. BUDGET IMPACT: There is minimal cost of continuing discussions regarding potential involvement between the EDA and CMHP in an affordable housing project. B. ALTERNATIVE ACTIONS: EDA discretion. None needed; intended for discussion only. C. STAFF RECOMMENDATION: The discussion of a potential affordable housing programs-projects in Monticello will help guide a determination as to whether the EDA should participate and/or partner with CMHP on a new affordable housing proj ect in the City. D. SUPPORTING DATA: a. Outline of discussion points b. List of questions for CMHP to discuss with EDA c. Aerial Photo of potential new Affordable Housing development sites Tax Credit Housing Program-Project Discussion February 13, 2019 A. Potential Low-Income Housing Tax Credit (429) project tied into Redevelopment in core area of community CMHP very interested partner 1. 36 units ii. Two sites 1. Need direction on use preferred B. Questions for CMHP to answer in discussion format C. EDA discussion and/or direction whether to pursue project with CMHP as partner i. Applications due lune 2019 for tax credits D. Resource info: https://mn.�ov/deed/�overnment/financial-assistance/communitv-fundin�/ https://en.wikipedia.or�/wiki/Low-Income Housin� Tax Credit December 20, 2018 Questions for CMHP — Tax Credit New/Redevelopment Project: 1. Explain in more detail the tax credit housing program process/application. a. What are awards based on? What are "points" awarded for? 2. Explain who the target or qualified population is for the tax credit programs? Income limits, etc — family vs single? Understanding is that 100% are income qualified. 3. Is the tax credit housing development program available only for rental projects? Would CMHP be interested in an owner-occupied in Monticello? 4. Would CMHP be interested in working with a developer partner? 5. Has CMHP worked on projects with employer partners? (Cargill, for example) 6. Do you have available data sources on the need for rental versus owner-occupied affordable housing for Wright County area? 7. Given what CMHP understands about the housing stock in Monticello, is there a feel about whether rehab or tax credit program would be more successful? 8. What projects have the best chance of success in a tax credit housing project (Redevelopment? New development?) 9. Photo examples of projects? Questions for CMHP — Rehabilitation (Lower priority) 1. Is there an ideal size of project area for rehab project? 2. If the City were to offer either a) match or b) companion rehab loan program with city dollars, is one better than the other, both? 3. Can CMHP do a deeper dive into the value/block area info to match up with windshield survey to come up with "most ideal" project area? Elm Street 5ite November i4, : � �� � , .�• , , � ��,: � r f , - . � ��" � �r r� � � ti. � ' r� '+ �� 1� �� /1 n r � �� 1' � y• } f� , �. �,r.� � c' � !+,�< w�{� �' ��'`�,p��.<. � � R '� d�. ` �•�.. + � �. �4.� ` .i :���"y �� �, C� `;�i, �,� ' i ,r' '�: '�� , � � '�,�` !' ,p `" �` '• � �`•�, � A' S " ,�` � � �.! , r ts .:ic�,.e , N`� �i M� + �A +�tt �_ fi�'�. � „i ,,a W ! �.`.: a' 'riq`9,p ./ ` �,% �� , �:. .� �•^ »i,� �y ` � � � � - � ..,i, . � /'� '�;� ��i � � .��'i �} � + �* e � . � +��',�,� . .�r !� i f f- ` �* ! � '1�R � �' '� ��,� ��` ;e ���� $ ��' � aa i ti. ��4. :s �, , r "-, ��.' `�� �� f ����l�! � �t� �—= '�� �� �'�iit J•" 1�,`'. 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