Laserfiche WebLink
Minnetonka - West Ridge Market - mixed-income, mixed-use development <br /> The attached information describes the different housing, retail, and office <br /> elements of a mixed-use, mixed-income project in Minnetonka as well as a <br /> breakdown of public and private investment in the project. <br /> <br />Various locations - community land trust - affordable owner-occupied housing <br /> A community land trust is one way to preserve affordability in owner-occupied <br /> housing. A land trust is a non-profit, community organization that oversees the <br /> construction or rehabilitation of area homes and manages their sale to qualified <br /> buyers. The house is sold to the buyer, while the land beneath the house remains <br /> in the land trust. The lot is typically leased to the buyer on a long-term basis. <br /> When the buyer chooses to sell, they are typically able to capture only a portion of <br /> the increased equity in the home (the specific rules are determined by the land <br /> trust board). There are active land trusts in St. Paul and Mi~meapolis and new land <br /> trusts in several suburban communities. An example of how a land trust operates <br /> is attached. <br /> <br />RHC Action: <br /> <br />None required. <br /> <br />Review Checklist: <br />City Administrator <br />Associate Planner <br /> <br />RHC: 3.20.03 <br /> <br /> <br />