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Ramsey Senior Housing Market Study <br /> <br /> January 1998 <br /> <br /> taxes (PILOT), which will be less than the taxes on a privately-owned development. This factor <br /> results in lower operating expenses which helps to keep the rents at a level that the market can <br /> bear. <br /> <br />5. It may be possible to structure the terms of the issue to meet the needs of the HRA or EDA. <br /> <br />6. The HRA or EDA can structure its own tenant composition, free from federal tax law income <br /> requirements. <br /> <br />7. Because the development is owned by a public entity, the profit motivation of a private developer is <br /> removed from the transaction, which also contributes to keeping the rents at an affordable level. <br /> <br />8. The I-IRA or EDA has complete control over decisions regarding all development aspects. No <br /> federal or state approvals are required. <br /> <br />Site Review <br /> <br />A potential site for the senior housing project has been identified north of the Lord of Life Lutheran <br />Church. A brief analysis of this site was conducted. The main criteria utilized to review the site included <br />proximity to services, access to utilities, adequate land for expansion and aesthetics. <br /> <br />The preliminary analysis concluded that the identified site would be ideal for a senior housing project as it <br />has the following amenities: <br /> <br /> Excellent access <br /> Natural setting <br /> Close to retail <br /> <br /> Close to Downtown Anoka <br /> <br /> ,-Available utilities <br /> <br /> Space for expansion <br /> <br /> ,-Seniors surveyed were supportive of the site <br /> <br />*Please note that an intensive site analysis must be conducted ifa senior project proceeds. The analysis <br />should include site costs, soil conditions, etc. Also, this site review did not include site availability. <br /> <br />Community Partners Research, Inc. 42 <br /> <br /> <br />