HomeMy WebLinkAboutResolution - 2018-69 - Support of Common Bond's TIF for Trail Ridge Project - 06/12/2018 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
RESOLUTION NO. 2018-69
A RESOLUTION SUPPORTING POTENTIAL USE OF TAX INCREMENT FINANCING
FOR COMMON BOND'S TRAIL POINT RIDGE PROJECT SUBJECT TO ALL
NECESSARY APPLICATION SUBMITTALS,HEARINGS AND APPROVALS FOR
THE SITE AND LARGER PUD
WHEREAS, CommonBond Communities is proposing redevelopment of 16397 Glory Lane into a
58 unit apartment building called Trail Point Ridge; and
WHEREAS,Trail Point Ridge is proposed to have a variety of one-,two-, and three-bedroom units
with 52 units affordable and 6 units market rate;
WHEREAS,CommonBond has submitted an application to the City of Eden Prairie for$696,649 of
Tax Increment Financing for Trail Point Ridge;and
WHEREAS, formal consideration of CommonBond's Tax Increment Financing application requires
a public hearing and City Council approvals; and
WHEREAS,Trail Point Ridge also requires applications, hearings and approval of a Comprehensive
Plan amendment, rezoning, Planned Unit Development(PUD), and Subdivision in association with
two adjacent properties and other developers;
WHEREAS,CommonBond is submitting an application to Minnesota Housing Finance Agency
(MHFA) for 9%Low Income Housing Tax Credits for Trail Point Ridge; and
WHEREAS, CommonBond has requested a resolution of support for TIF from the City to include
with their MHFA application.
NOW THEREFORE BE IT RESOLVED,that the Eden Prairie City Council supports potential
use of Tax Increment Financing for Common Bond's Trail Point Ridge project subject to all
necessary application submittals, hearings and approvals for the site and larger PUD of which it
will be a part.
ADOPTED by the City Council of the City of Eden Prairie on this 12th day of June, 2018.
Of
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ATTEST:
Kat IPenorta, City Clerk