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d. The 0%vacancy rates for affordable rental housing and senior housing at all levels <br /> indicate a pent-up demand for this type of housing. <br /> e. Additional demand for Hillside Heights Apartments will also likely come from outside <br /> Elk River in the larger submarket area. <br /> 2. The 171"Avenue Focused Area Study ("FAST"). The council approved plan outlines short- <br /> and long-term development and transportation goals for the 175th Avenue and Twin Lakes <br /> Road 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 /> 3. The City's current Comprehensive Plan supports the development of Hillside Heights <br /> Apartments in 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 <br /> sufficient demand for the development, and projects it will be well positioned in the local <br /> area. <br /> As stated above,The City of Elk River has confirmed that Hillside Heights Apartments contributes <br /> to the goals of development in the FAST Plan. The plan identifies specific geographic areas targeted <br /> for a variety of housing options including affordable housing and growth in Elk River, and the <br /> Hillside Heights Apartments 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 <br /> financing. The City of Elk River City Council preliminarily supports the allocation of$780,000 plus <br /> interest in tax increment financing for a term of up to 15 years for the Hillside Heights Apartments <br /> proposal. This 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 <br /> copy of which is included with this letter. <br /> Sincerely, <br /> Mayor John Dietz <br />