The MCDA Operating Committee was absolutely right to deny tax-increment financing for the Boulevard project because the 15 affordable units are already being subsidized with low income housing tax credits and other funds. In essence, the developer is seeking TIF to subsidize the market rate (apartments and retail) portion of the development and the city can't afford to do that. The project may offer good urban design and three-bedroom units; those are excellent reasons to approve the site plan - but not to finance the project.
More importantly, the Boulevard project is a small prototype for the pending mixed-use development at Nicollet & Lake, where - in the name of affordable housing and good urban design - the city will be asked to provide a lot of TIF. The city needs to establish some clear guidelines now regarding public subsidies. Mixed-use developments with affordable housing can get built without TIF; the city just needs some new ground rules. John Rocker Calhoun _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
