Ordinance 344CITY OF CHANHASSEN
• CARVER AND HENNEPIN COUNTIES, MINNESOTA
ORDINANCE NO. 344
AN ORDINANCE AMENDING CHAPTER 11 OF THE CHANHASSEN
CITY CODE ESTABLISHING INCOME LIMITS FOR HOUSING DEVELOPMENTS
WITHIN TAX INCREMENT FINANCING DISTRICT NO.8
THE CITY COUNCIL OF THE CITY OF CHANHASSEN ORDAINS:
SECTION 1. The Chanhassen City Code is amended by adding the following new
section to Chapter 11:
Sec.11.6. Income Limits for Housing Development in Tax Increment District No. 8.
(a) Purpose.
(1) In order to address and alleviate the shortage of decent, safe, and sanitary
housing of persons of low or moderate income in Chanhassen, and to
provide for other redevelopment opportunities, the Downtown Chanhassen
Redevelopment Project Area and Tax Increment Financing District No. 8,
• both located in downtown Chanhassen have been created.
(2) The Chanhassen Economic Development Authority will be considering
assistance to housing facilities located within the TIF District.
(3) Tax Increment Financing District No. 8 is a "housing district" under
section 469.174, Subd 11 of the TIF Act. Accordingly, in compliance
with the requirements of Section 469.1761, Subdivision of the TIF Act,
the development must satisfy the income requirements for a qualified
residential rental project as defined in section 142(d) of the Internal
Revenue Code.
(4) This section is intended to establish and declare the income requirements
for the development.
(b) Income Limitation Requirements.
(1) No more than 20 percent of the fair market value of the Minimum
Improvements may be used for any purpose other than low and moderate
income housing.
• (2) At least 20 percent of the units must be reserved for persons whose
income is no more than 50 percent of the median for the Twin Cities
•
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metropolitan area.
(3) An additional 50 percent of the units must be reserved for persons whose
income is no more than 110 percent of the median for the Twin Cities
metropolitan area.
(4) At least ten percent of the units are reserved for persons whose income is
no more than 150 percent of the median for the Twin Cities metropolitan
area.
(5) Up to 20 percent of the units may be occupied or available for occupancy
by any persons without regard to income limitations.
(c) Additional Requirements.
(1) The limits described in sections 2.02, 2.03 and 2.04 must be satisfied
commencing with the date on which at least ten percent of the units are
occupied.
(2) Income for calculation of the limit described in section 2.02 shall be
adjusted for family size in accordance with section 142(d) of the Internal
Revenue Code and related regulations.
(3) Income for occupants of Units described in section 2.03 need not be
adjusted for family size, and shall be based on the statewide gross income
for a family of four.
SECTION 2. This ordinance shall be effective immediately upon its passage and
publication.
PASSED AND ADOPTED this 14`t' day of June, 2003, by the City Council of the City
of Chanhassen, Minnesota.
ATTEST:
odd Gerhardt, City Manager
(Published in the Chanhassen Villager on July 24, 2003.)
-- L .'E'L
Thomas A. Furlong, Mayor