10-1075rRESOLUTION NO. 1075
RESOLUTION IDENTIFYING THE NEED FOR
LIVABLE COMMUNITIES DEMONSTRATION ACCOUNT FUNDING AND
AUTHORIZING AN APPLICATION FOR GRANT FUNDS
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield (Richfield HRA) is a participant in the Livable Communities Act's Housing
Incentives Program for 2010 as determined by the Metropolitan Council, and is
therefore eligible to apply for Livable Communities Demonstration Account funds; and
WHEREAS, the Richfield HRA has identified a proposed project within the City of
Richfield that meets the Demonstration Account's purposes and criteria and is
consistent with and promotes the purposes of the Metropolitan Livable Communities Act
and the policies of-the Metropolitan Council's adopted metropolitan development guide;
and
WHEREAS, the Richfield HRA has the institutional, managerial and financial
capability to ensure adequate project administration; and
WHEREAS, the Richfield HRA certifies that it will comply with all applicable laws
and regulations as stated in the grant agreement; and
WHEREAS, the Richfield HRA agrees to act as legal sponsor for the project
contained in the grant application submitted on July 19, 2010; and
WHEREAS, the Richfield HRA acknowledges Livable Communities
Demonstration Account grants are intended to fund projects or project components that
can serve as models, examples or prototypes for development or redevelopment
projects elsewhere in the region, and therefore represents that the proposed project or
key components of the proposed project can be replicated in other metropolitan-area
communities; and
WHEREAS, only a limited amount of grant funding is available through the
Metropolitan Council's Livable Communities Demonstration Account during each funding
cycle and the Metropolitan Council has determined it is appropriate to allocate those
scarce grant funds only to eligible projects that would not occur without the availability of
Demonstration Account grant funding.
NOW THEREFORE BE IT RESOLVED, that, after appropriate examination and
due consideration, the governing body of the Richfield HRA:
1. Finds that it is in the best interests of the HRA's development goals and priorities
for the proposed project to occur at this particular site and at this particular time.
2. Finds that the project component(s) for which Livable Communities Demonstration
Account funding is sought:
(a) will not occur solely through private or other public investment within the
reasonably foreseeable future; and
(b) will not occur within two years after a grant award unless Livable Communities
Demonstration Account funding is made available for this project at this time.
3. Represents that the Richfield HRA has undertaken reasonable and good faith
efforts to procure funding for the project component for which Livable Communities
Demonstration Account funding is sought but was not able to find or secure from
other sources funding that is necessary for project component completion within
two years and states that this representation is based on the following reasons and
supporting facts:
List reasons and supporting facts here:
1) The proposed project fulfills two primary goals of the Richfield HRA in that it
would provide both: 1) affordable housing, and; 2) market-rate replacement
housing;
2) A financing gap for the project has been identified that, unless additional funds
are identified, would render the project infeasible;
3) The Richfield HRA and City of Richfield have agreed to provide Tax Increment
Financing (TIF) -but the amount of TIF available may be insufficient to
eliminate the financing gap.
4. Authorizes its Community. Development Director to submit on behalf of the Richfield
HRA an application for Metropolitan Council Livable Communities Demonstration
Account grant funds for the project component(s) identified in the application, and to
execute such agreements as may be necessary to implement the project on behalf
of the City.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 19th day of July, 2010.
ATTEST:
Jo Helmberger, Secretary
Suz n e M. Sandahl, Chair