5.4. SR 07-12-2004 - Laserfiche WebLink

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HRA Minutes September 22, 2003 Page 3 Chair Toth asked if the manufacturing clients have stated whether or not their employees can afford to live in Elk River. Director of Economic Development Catherine Mehelich stated that they have not heard of a need for more affordable housing from manufacturers during the business retention visits. Commissioner Thompson stated that it appears the rental rates are competitive. He asked if the vacancy rate of 6-8% was good or bad. Ms. Mehelich stated that the 2001 Housing Study by Central Minnesota Housing Partnership indicated a vacancy rate of 2%. She explained that the vacancy rate has likely gone up due to the low interest rates, making it more affordable for people to buy their own homes. Commissioner Thompson stated that he was in favor of a housing policy, based on a regional basis. Commissioner Leiser stated that she fek the City has a good balance of housing, but that she would support looking at adding additional affordable starter homes. Commissioner Motin stated that townhomes are often "starter" homes and that the City has recently approved over 600 new units. He stated that he would support looking at the possibility of rezoning to create additional R4 property. He lek that a 10-mile radius would be appropriate for determining housing needs. Ms. McPherson asked the Commission if they wished to look at regional housing needs. Commissioner Thompson stated that he would be in favor of looking at the regional area. He stated that of the options proposed by staff, he would first like to look at rezoning, secondly- density bonuses, third - housing rehabilitation, and lastly, tax increment financing. Ms. McPherson stated that staff would expand their research of adjacent communities to include: amount of vacant land available for multi-family housing, vacancy rates (in the communities with apartments), identify possible rezoning sites for R4 housing, and provide more information on density bonuses. Chair Toth asked if staff could contact employers regarding the need for affordable housing. Ms. Mehelich stated that housing affordability is a question asked of manufacun'ers during Business Retention and Expansion visits, and that housing doesn't seem to be a concern. Ms. Mehelich stated that staff would send out an informal survey regarding where their employees are commuting from, why they live outside of Elk River, and if affordability of housing is an issue. Ms. McPherson stated that if the City determines that the balance of housing is satisfactory, a less detailed annual analysis could be done to check on the city's housing stock. City Administrator Pat Klaers asked if the Commission lek the City has an affordability problem. Commissioner Thompson stated that he did not. The rest of the Commission concurred dthat the City does not have an affordability issue at this time. Commissioner Motin asked how the City could determine how many homes are rental homes. Mr. Harlicker stated that the Census data indicates whether homes are owner- occupied or not. He stated that the City does not have a housing inspection program for home rentals on buildings with fewer than four units.