2013-5-7 Agenda (Northland Securites)NORTHLAND SECURITIES
AGENDA
City of Albertville
Guardian Angels Housing Project
May 7, 2013, 2:OOPM
A. Introductions
B. Project Overview
• Project concept
• Number and types of units planned
• Public infrastructure improvements (i.e., utilities, street, etc.)
• Preliminary indication for financing "gap"
• Project timeline, phasing
C. Financial Information for the Project (Capital and Operating Pro Forma)
• Financial information will be needed (at a later date), as part of the public assistance request
D. Public Assistance
• Potential for Housing Tax Increment Financing District
— Duration limit is 25 years after receipt of first increment
— No restrictions on the geographic areas that qualify
— No more than 20% of the square feet of the building may consist of commercial, retail, or
other nonresidential uses
— Permitted uses of increment are for housing for low or moderate income residents (i.e.,
20% of the units occupied by persons at 50% of area -wide median income)
— Tax increment may be used to pay for housing construction costs (building structure
costs) in addition to other site improvement costs to develop the affordable housing
• Financial impact of phasing
E. Next Steps and Preliminary Timeline
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