4.8 SR 06-17-2024 - Laserfiche WebLink

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City of Elk - River To City Council Meeting Date June 17, 2024 Item Description Duffy Development Letter of Support for Coachman II State Funding Application Request for Action Item Number 4.8 Prepared By Joshua Mollan, Economic Development Specialist Reviewed by Brent O'Neil Cal Portner Tina Allard Action Requested Approve, by motion, a letter of support for Duffy Development Company for a state funding application for the proposed Coachman II housing project. Background/Discussion Duffy Development Company (Duffy) proposed an affordable senior housing project called Coachman Ridge II near the Northstar Station. The proposed project is for roughly 50 units for residents with incomes at 30% to 50% of the area median income. The total project is expected to cost $15 to $18 million. To support the affordability component, Duffy will apply again for funding through the Minnesota Housing Agency. Like last year, Duffy has requested a letter of support from the city to ensure the strongest possible application. The application is due in mid -July. The City Council and HRA have previously shown support for this project. In June 2023, a similar letter of support was approved and signed by the City Council upon recommendation of the HRA. This year, staff suggested a joint letter of support from the City Council and HRA. The HRA approved, and Chair Chuba signed the letter at their June 3 meeting. Financial Impact N/A Mission/Policy/Goal Support the growth and development of the community. Opportunity to live, work, and play. Attachments I. Council and HRA Letter of Support - Duffy 2. Coachman II Draft Site Plan The Elk River Vision A avelcoming community with revolutionary and spirited resourcefulness, exceptional service, and community p p W E R E U A Y engagement that encourages and inspires prosperity 372