4.4 EAW Attachment - Laserfiche WebLink

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Page 4 d) Explain the project purpose; if the project will be carried out by a governmental unit, explain the need for the project and identify its beneficiaries. The project is proposed by Capstone Homes (“the proposer”) who will develop the residential portion. The commercial portion is anticipated to be developed by a separate private entity/developer. The purpose of the development is to meet the housing and retail demand driven by the growth in the City and County. The total population in Sherburne County grew by nearly 54% from 1990-2000 and by 37% from 2000 to 2010 (4). “Despite the slowing of a growth trend, the U.S. Census Bureau released data in 2017 indicating that Sherburne County had the highest rate of population growth in Minnesota during 2016, at 2.08%” (4). The growth occurred primarily in Elk River and Big Lake. Per the City of Elk River Comprehensive Plan (adopted October 18th, 2021), “between 1990 and 2018 the City of Elk River saw a 54% increase in its population” with growth expected to continue through 2035 (5). Employment in Elk River has grown alongside the population; in the last 10 years, the number of jobs has increased by 30% (1,900 jobs) (5). The City’s housing vacancy rate is <4%, indicating a “pent-up demand for housing” (1). Likewise, Sherburne County retail vacancy rates are 3%, below the region’s average of nearly 4%, “indicating a healthy market demand for retail space” (5). In addition to these trends, the site is located within the 171st Avenue study area, a portion of the City with unique, interconnected districts, enhanced open space, and a transportation network centered on the NorthStar Commuter Rail Station and Highway 10/169 (14). The Oakwater Ridge development will provide residential and commercial space while taking into account several of the challenges outlined in the 171st Avenue Focused Area Study.  Potential Environmental Issues o No wetlands are present within the residential/commercial building areas  Noise o Noise berms along U.S. Highway 10 will help mitigate impacts on future residents e) Are future stages of this development, including development on any other property, planned or likely to happen? ☐ Yes ☒ No If yes, briefly describe future stages, relationship to present project, timeline and plans for environmental review. Oakwater Ridge is a residential project that will be developed in several phases over several years (approximately eight phases over nine years). The commercial portion is anticipated to be developed when the future interchange at Highway 10/Twin Lakes Parkway is constructed and be carried out by a third-party private entity.