Eden Prairie Local News
    Facebook Twitter Instagram
    Wednesday, March 22
    • About
      • About EPLN
      • Team
      • EPLN in the News
      • Policies
    • Contact
    Facebook Twitter Instagram
    Subscribe
    Eden Prairie Local News
    • Home
    • Schools
    • Business
    • Sports
    • Public Safety
    • City
    • Calendar
    • Donate
    • Subscribe
    • More
      • Construction
      • Outdoors
      • Politics
      • Health
      • Spirituality
      • Community Service
      • Legacy
      • Obituaries
      • Arts
      • Family
      • Holidays
      • Letter to Editor
      • Listen
      • Jobs
    Eden Prairie Local News
    Home»City of Eden Prairie»Council to consider financing help to increase affordable rents for The Ellie
    City of Eden Prairie

    Council to consider financing help to increase affordable rents for The Ellie

    By Mark WeberFebruary 7, 2022Updated:February 7, 20222 Mins Read
    The Eden Prairie City Council's Sept. 6 meeting includes consideration of a proposed city budget and tax levy for 2023.

    The City of Eden Prairie is being asked to provide tax-increment financing (TIF) assistance to The Ellie apartment project proposed along Eden Prairie Road at Lincoln Lane as a way to increase the number of apartments that will have lower rents.

    The proposal is among the items the Eden Prairie City Council will consider at its meeting Tuesday, Feb. 8.

    TIF is a common financing tool that allows a city to divert a portion of a project’s increase in property taxes to support a public improvement, in this case lower rents. If approved, the plan would help make 60 of The Ellie’s 239 units more affordable. Forty-eight units would be affordable to residents earning at or below 50 percent of the Area Median Income (AMI), while an additional 12 units will be affordable to residents earning at or below 80 percent of the AMI. The remaining 179 units would be market rate.

    Tuesday’s hearing would not be the last step in the process, as The Ellie project overall has yet to receive final city council approval. Final approval of TIF and the project overall are scheduled for March 1.

    Advertisement
    Ad for Washburn-McReavy

    For more information about the Feb. 8 meeting of the city council, which starts at 7 p.m. at the Eden Prairie City Center, go to www.edenprairie.org.

    Be Informed
    Sign up for the FREE email newsletter from EPLN
    Subscribe

    Comments

    Comments aren’t allowed on our site, but we do offer several ways to provide feedback, and have your voice heard. If you believe the story has an error, or would like to get in touch with the author, please contact us. If you would like to respond directly to this article, we welcome and encourage Letters To the Editor. You can find details on how to submit a letter on our contact page.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleEden Prairie Lions Club wants to turn your cans into cash for worthy causes
    Next Article Hunt for Sheldon’s wrench begins Feb. 21

    More to READ

    3 Mins Read

    City eyes larger space for police

    March 22, 2023
    1 Min Read

    Council to consider new flooring for gym

    March 19, 2023
    1 Min Read

    EP invites residents to participate in Quality of Life Survey

    March 17, 2023
    Subscribe to get EPLN in your inbox for FREE!
    Recent Articles

    Reetz will leave EPHS in July to become White Bear Lake principal

    March 22, 2023

    Color of Holi strengthens Hindu Society of Minnesota’s outreach efforts in Eden Prairie

    March 22, 2023

    City eyes larger space for police

    March 22, 2023

    EP-based Miromatrix pioneers a new approach to organ transplants through bioengineering advancements

    March 21, 2023

    Race doesn’t go Sawalich’s way, but he has hope for the future

    March 21, 2023
    • Facebook
    • Twitter
    • Instagram
    Eden Prairie Local News is a 501(c)(3) nonprofit organization EIN 85-4248265 | Copyright © 2020-2023
    • About
    • Policies
    • Jobs
    • Contact
    • Advertising
    • Subscribe
    • Donate

    Type above and press Enter to search. Press Esc to cancel.