7.4 SR 06-01-2020 - Laserfiche WebLink

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The proposal includes two phases with similar style apartment buildings. To support the use, the applicant has requested the vacation of a portion of the right-of-way at the corner of the property. The right-of-way follows the former roadway alignment, but the right-of-way does not currently support roadway or utility infrastructure. Easement Vacation The vacation would support the existing conceptual site plan and other future uses of the property. However, the 2018 Twin Lakes Road corridor study identifies a future roundabout at this intersection, which would utilize the existing right-of-way. The property across 175"' Ave is also owned by MnDOT and there is a significant amount of right-of-way available for the improvement. To reduce future land acquisition costs for an intersection improvement at the intersection of 175"' Ave and Twin Lakes Road, staff does not support the vacation and the request does not appear to be in the public interest. Tax Increment Financing The applicant submitted a separate application for a 25-year $780,000 TIF application. At their May 26, 2020, meeting, the Joint Finance Committee made a recommendation to the Housing and Redevelopment Authority to consider a letter of support for the project through tax increment financing, subject to the applicant receiving an allocation of tax credits and there being a continued demonstrated need for the additional 55 new affordable housing units in the amount of $780,000 plus interest over a period of up to 15 years. Supporting the conceptual apartment project does not require support for the TIF application. Resolution of Support The applicant also requested the City Council discuss the proposed housing project, independent of the right-of-way vacation, and, if Council supports the proposed use, asks for a vote to pass a resolution of support for the project and the TIF application. The applicant will be seeking state tax credit funding for the project which requires a resolution of support from the City Council. The resolution does not approve the project or the TIF application and the city will not be required to approve future land use applications for the site should Council adopt the resolution. However, high density uses are a permitted use on this site and a future site plan application, consistent with all standards in the ordinance, would not require Council review or a public hearing. Financial Impact The applicant has requested a 15-year $780,000 pay as you go tax increment financing application. Attachments ■ Location Map ■ Applicants Narrative ■ Letter to Council dated May 25, 2020 ■ Vacation Exhibit received May 14, 2020 ■ Conceptual site plan and renderings ■ Resolution supporting the project ■ Letter of support dated June 1, 2020 N:\Public Bodies\Agenda Packets\06-01-2020\Final\Laserfiche\7.4 sr CHDC Easement Vacation.docx