MONROE - The City of Monroe Common Council is scheduled to hold a public hearing Jan. 4 regarding the adoption of a general development agreement for a senior housing project proposed by Silverstone Partners Inc., Middleton.
The council will also vote on approving the plan and to rezone the property as a PUD, Planned Unit Development District. The property, the major portion of a city parking lot on 16th Avenue and 8th Street, is currently in a medium density residential district zone.
Silverstone proposes to build a three-story, 52-unit apartment complex for persons over the age of 55 at the location.
The firm's proposal and the city's agreement to assist the project hinge on the approval of the Wisconsin Housing and Economic Development Authority (WHEDA), which will offer the housing project owners tax credits through a federal IRS program.
The application to WHEDA is due by Feb. 8, and approval is expected to be announced in March.
On Dec. 7, the Common Council made a tentative agreement to sell the property to Silverstone for $42,700. The council also made a conditional commitment to contribute $231,700 toward the project and to expand Tax Increment District No. 7 to include the property.
The majority of the contribution, $190,000, will come from the TID 7 fund. Although representatives from the TID 7 taxing entities, the City of Monroe, Green County, Monroe School District and Blackhawk Technical College, gave their verbal consent for the project at a joint review board meeting Dec. 1, they still must officially vote to approve the use of the TID funds.
The Common Council also approved a cost reimbursement agreement for Silverstone to reimburse the city for the legal, technical and administrative services incurred for implementing the zoning and development incentives.
To qualify for the WHEDA tax credit, Silverstone must agree to maintain the project for 30 years with a minimum percentage of rent-restricted units for income-qualified tenants. The tax credit program requires, at minimum, 40 percent of the units to be rented to tenants with incomes not exceeding 60 percent of the county median income (CMI), or 20 percent of the units to tenants with incomes not exceeding 50 percent of the CMI. Green County's household median income in 2008 was about $55,000, according to the U. S. Census Bureau.
The Common Council meeting is scheduled to begin at 7:30 p.m. Jan. 4 at the city hall.
The council will also vote on approving the plan and to rezone the property as a PUD, Planned Unit Development District. The property, the major portion of a city parking lot on 16th Avenue and 8th Street, is currently in a medium density residential district zone.
Silverstone proposes to build a three-story, 52-unit apartment complex for persons over the age of 55 at the location.
The firm's proposal and the city's agreement to assist the project hinge on the approval of the Wisconsin Housing and Economic Development Authority (WHEDA), which will offer the housing project owners tax credits through a federal IRS program.
The application to WHEDA is due by Feb. 8, and approval is expected to be announced in March.
On Dec. 7, the Common Council made a tentative agreement to sell the property to Silverstone for $42,700. The council also made a conditional commitment to contribute $231,700 toward the project and to expand Tax Increment District No. 7 to include the property.
The majority of the contribution, $190,000, will come from the TID 7 fund. Although representatives from the TID 7 taxing entities, the City of Monroe, Green County, Monroe School District and Blackhawk Technical College, gave their verbal consent for the project at a joint review board meeting Dec. 1, they still must officially vote to approve the use of the TID funds.
The Common Council also approved a cost reimbursement agreement for Silverstone to reimburse the city for the legal, technical and administrative services incurred for implementing the zoning and development incentives.
To qualify for the WHEDA tax credit, Silverstone must agree to maintain the project for 30 years with a minimum percentage of rent-restricted units for income-qualified tenants. The tax credit program requires, at minimum, 40 percent of the units to be rented to tenants with incomes not exceeding 60 percent of the county median income (CMI), or 20 percent of the units to tenants with incomes not exceeding 50 percent of the CMI. Green County's household median income in 2008 was about $55,000, according to the U. S. Census Bureau.
The Common Council meeting is scheduled to begin at 7:30 p.m. Jan. 4 at the city hall.