5.3. SR 09-14-2009 - Laserfiche WebLink

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Item # 5.3. MEMORANDUM TO: Mayor & City Council FROM: Catherine Mehelich, Director of Economic Development DATE: September 14, 2009 SUBJECT: Concept Review -Elk River Station Apartments Issue The City Council is asked to review and provide direction to staff on the requests for city support and waiver of fees for the proposed Elk River Station Apartments application for Housing Tax Credits. At its September 21 meeting the Council will be asked to approve a Resolution of City Support and submit a support letter from the Mayor for the developer's application to MN Housing Finance Agency. Project Description Duffy Development Company is proposing to construct a 53-unit apartment building as described in the attached narrative and preliminary site plans on Outlot D, Elk River Station. The development is being marketed toward working families with 100% of the units being rented at 60% of Area Median Income (AMI = $83,900) adjusted by household size. The developer is experienced in constructing and managing similar development throughout the metro area, which required similar requests for city assistance (see attached developer background). Planning Applications The Planning Commission and City Council will review this project at their meetings on September 15 and 21. These meetings will include public hearings for a Conditional Use Permit (to amend the PUD, which requires a 60 unit apartment building) and also a site plan (the PUD agreement requires public hearings and Council approval for all new construction. Based on the staff review thus far,. it appears that the building and site design is largely consistent with the previously approved project, although there are some changes, which will be highlighted for the Public, Planning Commission, and City Council review.