FY2012-29 Fir Terrace LIHTC Assessment Based on Restricted Rents - FAILED 1 Introduced by: Borough Manager
2 Requested by: Borough Assessor
3 Drafted by: Borough Assessor
Introduced on: 05/03/2012
4 Failed on: 05/03/2012
5
6 KODIAK ISLAND BOROUGH
7 RESOLUTION NO. FY2012 -29
8
9 A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY AUTHORIZING
10 THE ASSESSOR TO ASSESS THE FIR TERRACE LOW- INCOME HOUSING TAX
11 CREDIT (LIHTC) PROJECT BASED ON RESTRICTED RENTS
12
13 WHEREAS, AS 29.45.110(d), requires the borough a \ AID
�, h t` i( h5t termine by ordinance,
14 whether the projects that qualify after January 1 201 - -all be as zv\\ d based on actual
15 income from restricted rents derived from the propert
16 i,
" "`
17 WHEREAS, if the assembly determin v.J -t such .Y1 =;� is e 414;p pt from the
18 requirement that the assessment be bas-1 restricted ren j an by ' cel authorize
19 the Borough Assessor to assess the prole 4 t edr- i ull au 141; or based on
20 actual income derived from the property; and G ke
21
22 WHEREAS, the assembly .asserkLyrinance No a4 2-20440 v ay 3, 2012 stating that
23 all such applications shall . ; and 4 t the assemb 1%,t y aution for a determination
24 of the assessment manner anF
25 �sM . i =
26 WHEREAS, the #'J2,;m(, of the fl v errac"vt, ; 'ents has applied for assembly
27 consideration on th jt "`rA, Q valuatio '. 1d
28
• 29 WHER ,1 the own * :as fil e r sig a• "''cation by May 15, 2012 with the Assessor
30 and ;;;, ,. oject has bee wh„,e 11$ by ' +_ ` ":? a Housing Finance Corporation to be a low -
31 incom a "sz:sing to edit . `Zct under 26 U.S.C. 42 qualifying after January 1, 2001; and
32 x vt•: ; .;.
33 WHEREAS, , tt(I are th'a; -lues that would be attributed to the property using the
34 two different va a°t c chniques:
35 "n`a
36 2012 FULL AND TR `t „(,• LUE 2012 RESTRICTED RENT VALUE
37
38 $3,576,800 $2,046,500
39
40 WHEREAS, that in accordance with AS 29.45.110(d), the Kodiak Island Borough
41 Assembly finds that valuing this project based on the actual income derived from the
42 property best serves the interests of the borough by potentially increasing the affordability
43 and availability of low income housing.
44
45
46
Kodiak Island Borough Resolution No. FY2012 -29
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47 NOW, THEREFORE BE IT RE mLVED, THAT THE ASSEMBLY OF THEE va
48 ISLAND BOROUGH THAT
49
50 Section 1: The assembly authorizes the assessor to value the Fir Terrace Apartments
Si based on the actual income deri from the yy without adjustment
52 based mesh amount of any federal income tax credit given the pro @rty.
53
54 Section 2: This resol n takes effect immediate ly upon it enactment.
55
56 ADOPTED BY THE AS «¥BLY OF THE KODIAK ISLAND BO ROuH
57 THIS DAY OF 2012
58
59 " » ~ 'r4.ROUGH
60
6i
e
63 ATTEST: # o my
6 : w
e « f
66 Nova M. Javier, MMC Borough c
3 ,
‘-ii'
»
•
iak Isla nd Bor h Resolution No. FY2012-29
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