02-22-2022 CCM - Laserfiche WebLink

Home Browse Search

City Council Minutes February 22, 2022 Page 8 parking demand, which would help manage project costs and leaves more of the site green if the demand isn't realized. He further discussed other aspects of the concept, noting a certain number of units could be live/workspace; whereby a person could live in the unit and run a small business. He stated the building is geared toward larger units, which people tend to stay in longer. He stated people are choosing rental as a lifestyle and want additional space, likely due to covid/work from home. He further reviewed the architecture, elevations, and renderings. Mr. Mullins discussed market fundamentals, rents, low vacancy rate, market trends compared to the metro area, and infill development pros and cons. He discussed building and financial challenges and their 20-year tax increment financing request. Mayor Dietz asked staff their comfort level with the parking per unit at 2.11. Mr. Carlton stated there has been history of reducing parking with some success, but it all depends on the project details with the number of bedrooms and the retail/commercial uses. He stated on -street parking is not practicable in this location. Councilmember Beyer expressed concerns with the proof of parking being the privately owned parcel adjacent to the project. Councilmember Westgaard stated he likes the project and the mixed uses and would support a marque project with higher quality materials that can also attract additional quality development but questioned the need to do tax increment for housing. Mayor Dietz stated there is hesitancy of the Council to use tax increment and asked if it is worthwhile to have the developer go through the application process. Mr. O'Neil stated yes, and the developer was looking for feedback on options if costs increase for the project. Councilmember Wagner stated there may have been talk of the Housing and Redevelopment Authority (HRA) regarding site acquisition costs and the use of tax increment and asked for clarification on how the HRA would be involved. Councilmember Westgaard agreed noting this started as an HRA initiative. He suggested sending it back to the HRA directing them to get creative and think about how they'd like to fund this in their plan to redevelop this corridor. He stated he would like to see the project cointinue forward. Mayor Dietz suggested a review of the housing study in relation to tax increment. The Council is open to the project and directed work back to the HRA. 9.2 Consider Memorial Day Parade as City Event Mayor Dietz asked Council if the Memorial Day parade can be a city -sponsored event and if they would provide barricades and police support. He said he can have volunteers do the other event tasks. I E R E I 1 l NATURE