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04-1085Council File # � Resolution # Green Sheet # ��'� G � � 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Presented By Referred To Committee: Date RESOLUTION AUTHORIZING A BUDGET AMENDMENT FOR A METROPOLITAN COUNCIL LIVABLE COMMUNITIES ACT GRANT FOR THE UNIVERSITY DALE APARTMENTS PROJECT WFIEREAS, the Metropolitan Council awazded the City of Saint Paul a Metropolitan Council Livable Communities Act Grant in the amount of $200,000 for the University Dale Apartments Project; and WHEREAS, these grant funds are to be used to pay for eligible costs associated with the University Da1e Apartments Project, a 98 unit affordable rental apartment project located at the southwest corner of University Avenue and Da1e Street; and WHEREAS, the City has legal authority to apply for financial assistance, and the institutional, managerial and financial capacity to ensure adequate project administration; and WHEREAS, the City of Saint Pau1 certifies that it has not violated any Federal, State or local laws pertaining to fraud, bribery, graft, kickbacks, collusion, conflict of interest or other unlawful or corrupt practice and that it will comply with all applicable laws and regulations as stated in the contract agreements; and WHEREAS, the City of Saint Paul, Minnesota has agreed to act as legal sponsor for the Project contained in the Metropolitan Council Livable Communities Act Program from the Staxe of Minnesota far the University Dale Apartrnent project. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Saint Paul, Minnesota hereby approves and accepts the Metropolitan Council Livable Communities Act Grant from the Metropolitan Council for the University Da1e Apartments project; and BE IT FURTHER RESOLVED that the City Council hereby authorizes the following budget amendment to allow for completion of the project: STATE GRANT PROGRAM FUND #101 Financing Plan Metropolitan Council - Livable Communities Act Grant P6-101-36303-3802-61672 Total Financing Plan RESOLUTION CITY OF SAINT PAUL, MINNESOTA �� Current Budget Q 0 Change 200.000 ►�� ��� Amended Budget zoo.000 200,000 AA-ADA-EEO Employer 39 Spendine Plan 40 41 42 University Dale 43 P6-101 �6303-0547-61672 44 45 Total Spending Plan Benanav Harris Lan Mon Adopted by Council: Date Adoption Certified by C u'. By: Approved by Mayor: at BY: Current Budget � 0 Change 200,000 200,000 Approved b� AA-ADA-EEO Employer Amended ��� 16 �5 Budget 200.000 200,000 iceyue5�cu uy veyac�ii�cii� �i: Plannin & Econo c Develo ment By: � Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet � �-10�5 DepartmenUo�ce/council: , Date Initiated: � PE -P��;�g��ono�,;���e�oPment oz_ Green Sheet NO: 30 Contac[ Person 8 Phone: � Deoartrnent Sent To Person Initial/Date ' � Tom Sanchez � � � 0 Planoine & Economic Develoo ' ' � 6-6617 i�� i' 1 �Planoine & Economic Develoo ' Deoartmeot Director _��a� � , Must Be o Council Agenda by (Date): i Number � 2 '�}n Attornev ' � � ' For i � ' Routing � 3 �Council Ciri Council I i / ) /� � Order � 4 Fioancial Servicu Office Fioancial Servi ' ' ° + / �� ��V � �I ; 5 Ia�or's Office Mavor/Assistant � i i I � 6 ICiri Clerk Ciri Clerk ' , Total # of Signature Pages _(Clip All Lowtions for Signature) Action Requested: Signatures for City Council Resolution authorizing a budget amendment for a Me4opolitan Council Livable Communities Act Grzant of $200,000 for the University Dale Apartments Project, Distdct 8. iaatlons: Approve (A) or R Ptanning Commission CIB Committee Civil Service Commission 1. Has this person/firm ever worKed under a contract for this department? Yes No 2. Has this person/firm ever been a city employee? Yes No 3. Does this person/firm possess a skill not normally possessed by any current city employee? Yes No Explain all yes answers on separete sheet and attach to green sheet Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why): The pxoject will result in 98 new conshuction affordable rental housing units to be constructed above the new Rondo Outreach Library. ; Advantapes If Approved: A vacant site developed with a mixed use that includes 98 new construction affordable rental housing units above a publicly owned � library. Disadvantapes If Approved: None �(y�o;�3? !�^�2��^'tt rP,?�f2T Disadvantages ff Not Approved: f � � �pt Scale of project is cut back and may delay the construction of the library. tl `.7 ��� L�U Trensaction: Funding Source: 200000 CwtlRevenue Budgeted: ActiviN Number: � g F o �-3 6 3 n�—`� � �"�'�6 Fi nancial Information: (Explain) 0`t- IbtfS November l, 2004 To: Councilmember Montgomery Fr: Tom Sanchez � Re: Metropolitan Council Grant for University Dale Apartments Project The $200,000 grant to City of Saint Paul was awazded as part of the Minnesota Housing Finance Agency spring round request for housing proposals. Although the University Dale Apariments Project was selected by the Metropolitan Council, the City of Saint Paul is awazded the gant. The financing structure of the project requires the Metropolitan Council Crrant as a deferred loan. A deferred loan to the project is necessary or the equity investors (low income housing tax credit) will have to show this as income on their federal and state income tas retutns. 0�1- �0�5 I1'Ictrrpali�t�a �a�tincil NIears Yar'� Centre 230 E. Fu`th Sh St. Paul, MN 551d1-1626 August 25, 2004 City of Saint Paul Susan Kimberly, Director of Economic Planning and Development 1300 City Hall Annex 25 West 4�` St St Paul, NIN 55102 Re: SG2004-080 Enclosed is your original copy of the above referenced grant agreement. Sincerely, Pa�s c� ���L Accountant INCLUSIONARY HOUSING ACCOUNT (}{- `0S5 GRANTEE: City of Saint Paul GRANT NO. SG004-080 PRO,TECT: University & Dale Apartments GR.�iT AMOIINT: $200,000.00 Fi7�iDING CYCLE: Spring 2004 COL'A*CIL ACTION: May 12, 2004 E?�� DATE: June 30, 2006 METROPOLITAN LIVABLE COMMUNITIES ACT GRANT AGREEMENT THIS GRANT AGREEMENT ("AgreemenY') is made and entered into by the Metropolitan Council ("Council") and the Municipality or Development Authority identified above as "Grantee." WHEREAS, Minnesota Statutes section 473.251 creates the Metropolitan Livable Communities Fund, the uses of which fund must be consistent with and promote the purposes of the Metropolitan Livable Communities Act and the policies of the Council's Metropolitan Development Guide; and WHEREAS, Muuiesota Statutes secfions 473.251 and 473.255 establish within the Metropolitan Livable Communities Fund an Inclusionary Housing Account and require the Council to make grants or loans from the fund account to Participating Municipalities or Development Authorities to fund the production of Inclusionary Housing Developments located in eligible Municipalities that offer incentives to assist in the production of Inclusionary Housing; and WHEREAS, the Grantee is a Municipality or is a Development Authority and seeks funding in connection with an application for Inclusionary Housing Account funds submitted in response to a Request for Proposals issued by the Metropolitan Housing Implementation Group for the "Funding Cycle" identified above and will use the gant funds made available under this Agreement to help fund the project identified in the application consistent with the policies and requirements of Minnesota Statutes sections 473.25 and 473.255; and WHEREAS, the Council awazded Inclusionary Housing Account funds to the Grantee subject to any terms, conditions and clarificarions stated in its Council Action, and with the understanding that the InclusionaryHousing Development project identified in the application will proceed to completion in a rimely manner and a11 grant funds will be expended prior to the "End Date" identified above. NOW THEREFORE, in consideration of the above statements and the mutual promises and covenants contained in this Agreement, the Crrantee and the Council agree as follows: I. DEFINITIONS 1.01 Defmition of Terms. The terxns defined in trris paragraph have the meanings given them in this paragraph unless otherwise provided or indicated by the context. Page 1 of 8 Pages � INCLUSIONARY HOUSING ACCOUNT pC.(_ (dg5 (a) "Council Action" means the action or decision of the governing body of the Metropolitan Council, on the meeting date identified at Page 1 of this Agreement, by which the Grantee was awazded Inclusionary Housing Account funds. (b) "DeveZopment Authoriry" means a housing and redevelopment authoriry, economic develop- ment authority, or port authority. (c) "Inclusionary Housing DevelopmenP' means a new construcrion development, including owner-occupied or rental housing, or a combination of both, with a variety of prices and designs which serve families with a range of incomes and housing needs. (d) "Municipaliry" means a statutory or home rule charter city or town in the seven-counry metropolitan area defined by Minnesota Statutes section 473.121, subdivision 2, participating in the I,oca1 Housing Incentives program under Minnesota Statutes secrion 4'73.254. (e) "Participating Municipaliry" means a Municipality electing to participate in the Local Housing Incentives Account program under Minnesota Statutes section 473.254. II. GRANT FUNDS 2.01 Total Grant Amount. The Council will grant to the Grantee the "Grant AmounY' identified at Page 1 of this Agreement which shall be funds from the Inclusionary Housing Account of the Metropolitan Livable Communities Fund. Notwithstanding any other provision of this Agreement, the Grantee understands and agrees that any reduction or termination of Inclusionary Housing Account funds made available to the Council may result in a like reduction in the Grant Amount made available to the Grantee. 2.02 Authorized Use of Grant F7unds. The Grant Amount made available to the Grrantee under this Agreement shall be used only for the purposes and activiries described in the application for Inclusionary Housing Account funds. A project suxrunary that idenfifies eligible uses of the grant funds as approved by the Council is attached to and incorparated into this Agreement as Attachment A. Grant funds must be used far purposes consistent with Minnesota Statutes section 473.25 and 473.255 in a Participating Municipality. Grant funds must be used for costs directly associated with the specific proposed activiries and shali not be used for "soft costs" such as: administra6ve overhead; activities priar to the start of the grant project; travel expenses; legal fees; permits, licenses or authorizarion fees; costs associated with preparing other grant proposals; operating expenses; planning costs, including comprehensive planning costs; and prorated lease and salary costs. If consistent with the application and the project suzmnary in Attachment A, the Grantee may use the grant funds to make deferred loans (loans made without interest or periodic payments), revolving loans (loans made with interest and periodic payxnents) or otherwise make the grant funds available on a"revolving" basis for the purposes of implemenfing the project activities described in Attachment A. The Council sha11 bear no responsibility for cost ovemms wluch may be incurred by the Grantee or others in the implementarion or performance of the project activities. 2.03 Loss of Grant Funds. The Grantee agrees to remit to the Councii in a prompt manner: any unspent grant funds, including any grant funds that are not expended prior to the End Date identified at Page 1 of this Agreement; any grant funds that are not used for the authorized purposes; any interest eainings described in Paragraph 2.05 that are not used for the purposes of implementing the Page 2 of 8 Pages ^� 1(JJ INCLUSIONARY HOUSING ACCOUNT U�. �D� project activities described in Attachment A; and any "revolved" funds described in Paragraph 2.05 that are not used by the Grantee to implement affordable and life-cycle housing initiatives pursuant to Paragraph 2.05. Far the purposes of this Ageement, grant funds aze "expended" prior to the End Date ifthe Grantee pays ar is obligated to pay far expenses of eligible project activities that occurred prior to the End Date and the eligible expenses were incurred prior to fhe End Date. Unspent or unused grant funds and ather funds remitted to the Council shall revert to the CounciPs Inclusionary Housing Account for distribution through application processes in future Funding Cycles. 2.04 Payment Request Forms and Disbursements. The Council will disburse grant funds in response to written disbursement requests submitted by the Grantee and reviewed and approved by the Council's authorized agent. ��Iritten disbursement requests shall be made using payment request fornis, the form and content of which wili be determined by the Council. Disbursements prior to the performance of a project activity will be subject to terms and conditions mutually agreed to by the Council's authorized agent and the Grantee. Subject to verification of each payment request form and approval for consistency with this Agreement, the Council will disburse a requested amount to the Grantee within two (2) weeks after receipt of a properly completed payment request form. 2.05 Interest Earnings and Revolved Funds. If the Grantee earns any interest or other income from the grant funds received &om the Council under this Agreement, the Grantee will use the interest earnings or income only for the purposes of implementing the project activifies described in Attachment A. If the Grantee uses the grant funds on a"revolving" basis or othenvise receives revolved funds from the project activiries described in Attachment A, the Grantee must: (a) use the revolved funds to implement similar eligible projects that will help the Grantee meet its affardable and life-cycle housing goals and implement the purposes of Minnesota Statutes sections 473.25 and 473.255; or (b) return the revolved funds to the Council. The Grantee shall report to the Council any revolved funds received by the Grantee and the Grantee's uses of those revolved funds. 2.06 Effect of Grant. Issuance of this grant neither impiies any Council responsibility for contamination, if any, at the project site nor imposes any obligation on the Council to participate in any pollution cleanup of the project site if such cleanup is undertaken or required. 2.07 Resale Limitations. The Grantee must impose resale limitations regarding the disposition of any equity realized by the purchasers of "affordable" units if grant funds received from the Council under this Agreement are used for homeownerhip gap financing in the project described in Attachment A. The intent of this resale limitation is to protect the public inveshnent in the project and ensure that a proportion of the affordability gap provided by the public investment in the form of grant funds received from the Council is recaptured for reuse in conjuncfion with other affordable housing efforts and does not become a windfall for any purchaser who might sell the home prior to expiration of a predetermined resale limitation period. If a purchaser sells the "affordable" home prior to expiration of the resale limitafion time period, an equitable proportion of the affordability gap filled by grant funds received from the Council under this Agreement must be recaptured by the Grantee within twenty-four (24) months of the triggering resale event and applied to a similar affordable housing project within the Participating Municipality, or retumed to the Council. Unless otherwise agreed to by the Council and the Grantee, the length of the resale limitation time period and the proportion of the affordability gap to be recovered will be consistent with resale lunitation time periods and repayment schedules stated in the project applicarion. Page 3 of 8 Pages �� INCLUSIONARY HOUSING ACCOUNT �,- (��`) III. ACCOUNTING, AUDIT AND REPORT REQUIREMENTS 3.01 Accounting and Records. The Crrantee agrees to establish and maintain accurate and complete accounts and records relating to the receipt and expenditure of all grant funds received from the Council. Notwithstanding the expiration and termination provisions of Pazagraphs 4_Ol and 4.02, such accounts and records shall be kept and maintained by the Grantee for a period of six (6) years following the completion of the project activities described in Attachment A or six (6) years following the expenditure of the grant funds, whichever occurs earlier. Accounting methods shall be in accordance with generaily accepted accounting principles. 3.02 Audits. The above accounts and records of the Grantee shall be audited in the same manner as all other accounts and records of the Crrantee aze audited and may be audited or inspected on the Grantee's premises or otherwise by individuals or organizations designated and authorized by the Council at any time, following reasonable norification to the Grantee, for a period of six (6) years following the completion of the project acrivities or six (6) years following the expenditure of the grant funds, whichever occurs earlier. Pursuant to Minnesota Statutes section 16C.05, subdivision 5, the books, records, documents and accounting procedures and pracrices of the Grantee that are relevant to this Agreement are subject to examination by the Council and either the Legislative Auditor or the State Auditor, as appropriate, for a minimum of six (6) years. 3.03 Report Requirements. The Grantee will report to the Council on the status of the project activities described in Attachment A and the expenditures of the grant funds. Submission of properly completed payment request forms required under Paragraph 2.04 will constitute periodic status reports. The Grantee also must complete and submit to the Council within sixty (60) days after the termination or expiration of this Agreement a final monitoring and evaluation report, the form and content of which report will be determined by the Council. This reporting requirement and the reporting requirement of Paragraph 2.05 shall survive the terminarion ar expiration of this Agreement. 3.04 Environmental Site Assessment. The Crrantee represents that a Phase I Environmental Site Assessment or other environmental review has been or will be carried out, if such environmental assessment or review is appropriate for the scope and nature of the project activities funded by this grant, and that any environmental issues have been or will be adequately addressed. IV. AGREEMENT TERM 4.01 Term. This Ageement is effective upon execution of the Agreement by the Councii. Unless terminated pursuant to Pazagraph 4.02, this Agreement terminates on the End Date identified at Page 1 of this Agreement and all grant funds not expended by the Grantee prior to the End Date sha11 revert to the Council. 4.02 Termination. This Agreement may be terminated by the Council for cause at any fime upon fourteen (14) calendaz days' written notice to the Grantee. Cause shall mean a material breach of this Agreement and any amendments of this Agreement. If this Agreement is terminated prior to the End Date, the Grantee shall receive payment on a pro rata basis for eligible project activities described in Attachment A that have been completed prior to the tenuination. Terminafion of this Agreement does not alter the Council's authority to recover grant funds on the basis of a later audit or other review, and does not alter the Grantee's obligation to retum any grant funds due to the Page 4 of 8 Pages � INCLUSIONARY HOUSING ACCOUNT ��-(,- �O$�j Council as a result of later audits or correcfions. If the Council detemunes the Grantee has failed to comply with the terms and conditions of this Agreement and the applicable provisions of the Mefropolitan Livable Communiries Act, the Council may take any acfion to protect the Council's interests and may refuse to disburse addirional grant funds and may require the Crrantee to retzun all or part of the grant funds already disbursed. 4.03 Amendments and Extensions. The Council and the Cnantee may amend this Agreement by mutual agreement. Amendments or extensions of this Agreement shall be effective only on the execution of written amendments signed by authorized representatives of the Council and the Grantee. The End Date may be extended beyond the original End Date identified at Page 1 of this Agreement if, AT LEAST THIl2TY (30) CALENDAR DAYS PRIOR TO TEIE END DATE, the Grantee's authorized representarive submits a written extension request that: (a) states the reason far the extension request; (b) identifies a new completion date, which shall not exceed one year beyond the original End Date; and (c) describes in reasonable detail any proposed changes to the project activities and budget. THE END DATE MAY BE EXTENDED ONLY ONCE. THE PERIOD OF THE ONE-T`IM� EXTENSION SIiAI,L NOT EXCEED ONE (1) YEAR BEYOND THE ORIGINAL END DATE IDENTIFIED AT PAGE 1 OF TFIIS AGREEMENT. Any addifional extension requests from the Grantee must be approved by the governing body of the Metropolitan Council. V. GENERAL PROVISIONS 5.01 Equai Opportunity. The Grantee agrees it will not discriminate against any employee or applicant for employment because of race, color, creed, religion, national origin, sex, marital status, status with regazd to public assistance, membership or acfivity in a local civil rights commission, disability, sexual orientation or age and will take affirmative action to insure applicants and employees are treated equally with respect to all aspects of employment, rates of pay and other forms of compensation, and selection for training. 5.02 Conflict of Interest. The members, officers and employees of the Grantee shall comply with all applicable state statutory and regulatory conflict of interest laws and provisions. 5.03 Liability. Subject to the limitations provided in Minnesota Statutes chapter 466, to the fullest extent permitted by law, the Grantee shall defend, indemnify and hold harmless the Council and its members, employees and agents from and against all clauns, damages, losses and expenses, including but not limited to attorneys' fees, arising out of or resulting from the conduct or implementation of the project acfivities funded by this grant, except to the extent the claims, damages, losses and expenses arise from the Council's own negligence. Claims included in this indemuification include, without limitation, any claims asserted pursuant to the Minnesota Environmental Response and Liability Act (MERLA), Minnesota Statutes chapter 115B, the federal Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) as amended, 42 U.S.C. sections 9601 et seq., and the federal Resource Conservation and Recovery Act of 1976 (RCRA) as amended, 42 U.S.C. sections 6901 et seq. This obligation sha11 not be construed to negate, abridge or otherwise reduce any other right or obligarion of indemnity which otherwise would exist between the Council and the Grantee. The provisions of this pazagraph shall survive the termination of this Agreement. This indemnification shall not be construed as a waiver on the part of either the Grantee or the Councii of any immunities ar limits on liability provided by Minnesota Statutes chapter 466, or other applicable state or federal law. Page S of 8 Pages 1 � INCLUSIONARY HOUSING ACCOUNT ��- ���j 5.04 Acknowledgments. The Grantee shall acknowledge the financial assistance provided by the Council in promotional materials, press releases, reports and publicarions relating to the project activiries described in Attachment A which are funded in whole or in part with the grant funds. The acknowledgment should contain the following language: Financing for this project was provided by the Metropalitan Council Metropolitan Livable Communities Fund. Until the project activities funded by this Agreement are completed, the Grantee shall ensure the above acknowledgment language, or alternative language approved by the Council's authorized agent, is included on all signs located at project or construcrion sites that identify project funding partners or entities providing financial support for the project. 5.05 Permits, Bonds and Approvals. The Council assumes no responsibility for obtaining any applicable local, state or federai licenses, pernuts, bonds, authorizafions or approvals necessary to perform or complete the project activities described in Attachment A. 5.06 Subgrantees, Contractors and Subcontractors. The Grantee shall include in any subgrant, contract or subcontract for project activities appropriate provisions to ensure subgrantee, contractor and subcontractor compliance with all applicable state and federal laws. Along with such provisions, the Crrantee shall require that contractors and subcontractors performing work covered by this grant comply with all applicable state and federal Occupational Safety and Health Act regulations. 5.07 Stormwater Discharge Requirements. If any grant funds aze used for urban site redevelop- ment, the Crrantee shall at such redevelopment site meet or require to be met: (a) ali requirements of federal and state law relating to stormwater discharges including, without limitation, any applicable requirements of fitle 40, Code of Federal Regulations, parts 122 and 123; and (b) any additional requirements of the CounciPs Interim Strategy to Reduce Nonpoint Source Pollution to All Metropolitan Water Bodies (1992) including, withont limitafion: (1) the requirement to urilize the Minnesota Pollurion Conirol Agency's urban best management pracfices entitled Protecting Water Quality in Urban Areas; and (2) the requirement that all stormwater must be pretreated by facilities designed to provide pollutant removal efficiencies equal to or greater than those observed in wet-detenfion basin facilities designed in accordance with the Nafional Urban Runoff Program (N URP) design criteria. 5.08 Authorized Agent. Payment request forms, written reports and correspondence submitted to the Council pursuant to this Agreement shall be directed to: Metropolitan Council Attn: LCA Grants Adininistration Mears Park Centre 230 East FiBh Street Saint Paul, Minnesota 55101-1626 Page 6 of 8 Pages ��� INCLUSIONARY HOUSING ACCOUNT O�-��$'S 5.09 Warranty of Legal Capacity. The individuals signing this Agreement on behalf of the Grantee and on behalf of the Council represent and warrant on the Grantee's and the CounciPs behalf respectively that the individuals are duly authorized to execute this Agreement on the Grantee's and the Council's behalf respectively and that this Agreement constitutes the Grantee's and the Council's valid, binding and enforceable agreements. IN WITNESS �VHEREOF, the Crrantee and the Council have caused this Agreement to be executed by their duly authorized representarives. This A�eement is effective on the date of final execution by the Council. METROPOLITAN COUNCIL By �.�.�� �� Elizat�i J. Ry , irecto� Housing and Livable Communities Date By Title Date Date �-ay-c� scooaaao o�ioa Page 7 of 8 Pages ,� • /: ''' ' INCLUSIONARY HOUSING ACCOUNT D�{,- �OT(5 ATTACHiVIENT A APPLICATIOIV FOR INCLUSIONARY HOUSL�tG ACCOUNT FLi�TDS This attachment comprises this page and the succeeding page(s) which contain(s) a summary of the project identified in the applicarion for Inclusionary Housing Account grant funds submitted in response to a Request for Proposals issued by the Metropolitan Housing Implementation Crroup for the Funding Cycle identified at Page 1 of this Agreement. 'The summary reflects the proposed project for which the Grantee was awarded grant funds by the Council Action, and may reflect changes in project funding sources, changes in funding amounts, or minor changes in the proposed project that occurred subsequent to applicafion submission. The application is incorporated into this Agreement by reference and is made a part of this Agreement as follows. If the application or any provision in the application conflicts with or is inconsistent with the Council Action, other provisions of this Agreement, or the project suimnary contained in this Attachment A, the terms, descripfions and dollar amounts reflected in the Council Action or contained in this Agreement and the project suininary shall prevaii. For the purposes of resolving conflicts or inconsistencies, the arder of precedence is: (1) the Council Action; (2) this Agreement; (3) the project sum2nary; and (4) the grant application. Page 8 of 8 Pages / � City of St. Paul — University and Dale Apartments LHIA Atvard Recommendation - $200,000 D�,-1c�5 Funds aze being requested to close the funding gap to develop 103 one- and two-bedroom units of rental housing as part of a mixed income, miYed-use, new construction apartment development at the southwest quadrant of the intersection of University Avenue and Dale Street in St. Paul. The first floor of the building will house the new, relocated Le7cington Branch of the St. PauI Public Library with its dedicated parldng underground below the library. The second floor will be the residential pazking ramp, and floors three through six will contain the 103 units of workforce rental housing. At a density of over 80 units per acre, the development is very consistent with transportation-oriented development concepts as it will be on one of Metro TransiYs heaviest ridership routes. T'he development will include 10 units affordable to families at no more than 30 percent of azea mediari'income ($23,010 for a family of four) using Project-based Section 8 assistance which will specifically be set aside for families experiencing long-term homelessness. The YWCA of St. Paul will provide supportive services to these 10 families throu� its Family Intervention and Family Preservation Programs. Additionally, there will be 10 units affordable to households at 50 percent of azea median income ($30,700 for a family of two, $38,350 for a family of four}, and 62 units affordable to households at or below 60 percent of area median income ($36,890 for a family of two, $46,020 for a family of four). Twenty-one units in the building will be rented at market-rate regardless of the tenanYs income. The development has significant city and community support and is a priority of the city of St. Paul for which they are issuing low-income housing taac credits to generate $33 million. The mixed-income, mixed rental rate structure of the project, along with the considerable value and development cost reductions represented by several local regulatory actions, make it an admirable example of an inclusionary housing development for which funds are recommendec3 through the II�A. In addition to a 25 pe�ent reduction in parking required in the development, which reduces the total development cost by $750,000, the rezoning of the property to a new mixed-use zone that permits faz more units per acre with a new Floor Area Ratio of 3.0, a conditional use that will allow greater building height because of the public library in the building, and the vacation of an alley that allows the building to be nearly 33 percent greater in size, and thus financially feasible, make this development meet the reduction of Iocal regulative requirements for the use of LCA Inclusionary Housing Account funds. � � k ti Totat Recommended � Other MHIG Number of rs Number of Proposed Rents Development IHA Award Funding Sources Units in Affordable Cost this C cle Develo ment Units $13,607,956 $200,000 $300,000 -NII�A 103 10 at 30%AMI 6 1-BR $687 $300,000 - FHF 10 at 50% AMI 36 1-BR $687 62 at 60% ANII 10 1-BR $810 7 1-BR $850 14 2-BR $868 8 2-BR $999 18 2-BR $917 4 2-BR $1000 rn'