FY2018-08 Authorizing the assesor to asses the spruce cape homes low-income housing tax credit (LIHTC) project based on restricted rents.1
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Introduced by: Borough Assessor
Drafted by: Borough Assessor
Introduced on: 08/03/2017
Adopted on: 08/03/2017
KODIAK ISLAND BOROUGH
RESOLUTION NO. FY2018-08
A RESOLUTION OF THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH AUTHORIZING
THE ASSESSOR TO ASSESS THE SPRUCE CAPE HOMES LOW-INCOME HOUSING TAX
CREDIT (LIHTC) PROJECT BASED ON RESTRICTED RENTS
WHEREAS, the Kodiak Island Borough is in dire need for affordable housing; and
WHEREAS, the Kodiak Island Borough Assembly has made it a priority to encourage
construction of affordable housing; and
WHEREAS, AS 29.45.110(d), requires the Assembly to determine by ordinance, whether the
projects that qualify after January 1, 2001 shall be assessed based on actual income from
restricted rents derived from the property; and
WHEREAS, if the Assembly determines that such property is exempt from the requirement
that the assessment be based on restricted rents, it can by parcel authorize the Borough
Assessor to assess the projects at either full and true value or based on actual income derived
from the property; and
WHEREAS, the Assembly passed Ordinance No. FY2012-20 on May 3, 2012, stating that all
such applications shall be forwarded to the Assembly by resolution for a determination of the
assessment manner; and
WHEREAS, the owner of the Spruce Cape Homes Project, Swell, LLC. has applied for
Assembly consideration on the method of valuation; and
WHEREAS, the owner has filed a timely application before May 15, 2018, with the Assessor
and the project is being considered by Alaska Housing Finance Corporation to be a low-income
housing tax credit project under U.S.C.42 qualifying after January 1, 2001; and
WHEREAS, the following are the values that would be attributed to the property using the two
different value techniques:
2018 FULL AND TRUE VALUE
$2,550,000
Kodiak Island Borough, Alaska
2018 RESTRICTED RENT VALUE
$1,080,000
Resolution No. FY2018-08
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WHEREAS, that in accordance with AS 29.45.110(d), the Assembly finds that valuing this
project based on the actual income derived from the property best serves the interests of the
Borough by potentially increasing the affordability and availability of low-income housing.
NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH that the Assembly authorizes the Assessor to value the Spruce Cape Homes
Project based on the actual income derived from the property without adjustment based on the
amount of any federal tax credit given the property. This resolution will become effective upon
approval by Alaska Housing Finance Corporation for the project as a low-income housing tax
credit project under U.S.C.42 and final construction of the project.
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS THIRD DAY OF AUGUST, 2017.
KODIAK ISLAND BOROUGH ATTEST:
---flDaniel A. Rohrer, Mayor YNIova M. Javier, MMC,IClark
VOTES:
Ayes: Crow, LeDoux, Skinner, Smiley, Symmons, Townsend, Van Daele
Noes: None
Kodiak Island Borough, Alaska
Resolution No. FY2018-08
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