Earlier this month, David Brauer asked about the status of the
"vacant-lot-TIF-district" (see below). To date, the MCDA has put 84 (of a
possible 100) properties into this district. The combined tax increment
generated by these properties, so far, is just shy of $100,000. The funds
have not yet been allocated to any projects.
Another legislative initiative that aids in the creation of affordable
housing is the authority that allows the MCDA to sell bonds for 35% over the
tax increment needed for a particular project and to use the "extra" funds
for affordable housing. We used this authority when we sold bonds for the
Humboldt Greenway housing.
Robert Cooper
Minneapolis Community Development Agency
Community Outreach Department
155-5th Avenue South
Minneapolis, MN 55401
voice: (612) 673-5239
fax: (612) 673-5259
web: http://www.mcda.org
-----Original Message-----
From: David Brauer [mailto:[EMAIL PROTECTED]]
Sent: Thursday, June 14, 2001 8:49 AM
To: Mpls list
Cc: Steve Cramer
Subject: [Mpls] Vacant-lot TIF update
ANOTHER good idea someone had before I suggested it. -
MCDA exec. Director Steve Cramer writes:
I wanted to respond to the idea of a "vacant-lot-TIF-district". We actually
have a form of that authority - granted two sessions ago - because of the
efforts of MCDA's Housing Director Jerry Boardman and the folks who lobby
community development issues at the legislature. MCDA can place up to 100
neighborhood parcels in a scattered site TIF district and use available
increment to help produce affordable housing. We are using this authority
today, and are seeking an expansion to up to 200 parcels which the Senate
Tax Committee approved.
...me again. I've written Steve and asked how much money the 100-vacant-lot
TIF district has thrown off, and how many units it will build. When I get
those details I'll pass them along, or Steve will send them directly to the
list at [EMAIL PROTECTED]
David Brauer
King Field - Ward 10
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_______________________________________
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