Laserfiche WebLink
e. Additional demand for Hillside Heights Apartments will also likely come from outside Elk River <br />in the larger submarket area. <br />2. The 171" Avenue Focused Area Study ("FAST"). The council approved plan outlines short- and long- <br />term development and transportation goals for the 175th Avenue and Twin Lakes Road <br />intersection —the development sitein the FAST Hillside Heights subarea including: <br />a. Density at 26 units/acre. <br />b. A variety of housing options. <br />c. Attractive streetscape and pedestrian connection along Twin Lakes Road. <br />d. Paths and crosswalk to the commuter rail station. <br />The city's current Comprehensive Plan supports the development of Hillside Heights Apartments in <br />the following ways: <br />a. Provides more housing type choices for the growing number of families in Elk River. <br />b. Diversifies the housing types. <br />c. Creates 55 units of housing for individuals and families at 50% of the area median <br />income. <br />d. Helps meet the demand of "the strong need to provide affordable housing for people of <br />all ages." <br />e. Provides stable, affordable senior housing for "the notable increase in apartment rental <br />needs in Elk River by members of the baby boom generation." <br />f. Provides approximately 55 units of housing within a half mile of the Northstar <br />commuter rail station. <br />4. The market study completed by Market Analyst Professionals in April 2020 concludes sufficient <br />demand for the development, and projects it will be well positioned in the local area. <br />As stated above, The City of Elk River has confirmed that Hillside Heights Apartments contributes to the <br />goals of development in the FAST Plan. The plan identifies specific geographic areas targeted for a variety of <br />housing options including affordable housing and growth in Elk River, and the Hillside Heights Apartments <br />site is in the Hillside Heights district as a priority target area. <br />As part of its endorsement, the city also proposes local financial assistance using tax increment financing. <br />The City of Elk River City Council preliminarily supports the allocation of $780,000 plus interest in tax <br />increment financing for a term of up to 15 years for the Hillside Heights Apartments proposal. This <br />assistance will be in the form of pay-as-you-go tax increment financing. <br />The City Council endorsement is evidenced by the City Council's approval of Resolution 20-xx a copy of <br />which is included with this letter. <br />Sincerely, <br />John J. Dietz <br />Mayor <br />