7.2. SR 06-15-2020 - Laserfiche WebLink

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Help meet the demand of "the strong need to provide affordable housing for people of all ages." (page 78) Provide stable, affordable senior housing for "the notable increase in apartment rental needs in Elk River by members of the baby boom generation." (page 78) Provide 55 units of affordable housing within a half mile of the Northstar Commuter Rail Station. "Affordable housing is important to a strong economy and a healthy community." (page 79) What has changed to warrant the Easement Vacation? CHDC entered into a purchase agreement for the site in February 2020 with the goal of redeveloping the land as guided in the FAST Plan. It needs site control of the corner in order to apply for the capital funding it needs from the state in July, 2020. CHDC is a developer and owner of affordable multifamily housing. Its mission is to sustain high - quality and affordable homes, to enhance the community over the long term, and to create and maintain healthy living. CHDC owns approximately 44 properties, comprised of more than 3,600 housing units. It takes a unique, businesslike approach to affordable housing by keeping overhead costs small and structuring its properties and operations to be financially self-sustaining over the long term. Founded in 1991, CHDC has provided stability to Minnesota residents and communities for more than 25 years as a developer and owner. How compatible is it with surrounding properties? The proposed apartment building is compatible with the office building to its northwest and with the multifamily developments to its south surrounding the Elk River Northstar Commuter Rail Station. The development's other neighbors are single family homes and open spaces. However, in addition to the compatibilities described in the second section above, the proposed site plan is compatible with the guidance in the Hillside Heights subarea in the FAST Plan including: • Stacked three story residential. (page 38) • A variety of housing options. (page 55) • Innovative stormwater practices (considering permeable paving, rain gardens, underground tanks) and energy generation (considering geothermal, solar ready). (page 59) • Open space connections and views. (pages 41, 46, 55) • Landscape buffers. (pages 41, 46) • Paths and crosswalk to the commuter rail station. (page 40) The DNR must by notified and provide comment if adjacent to water.