01/22/13 - Laserfiche WebLink

Home

Staff has a framework prepared, utilizing a scoring system similar to the MHFA scoring spreadsheet, tailored to the requests on a policy level by the City Council. The format is proposed to also follow the City's Business Subsidy Policy, in terms of structure, with content tailored to the needs of the Housing Assistance Policy. Staff has forwarded this request in advance of adoption of said policy due to timing constraints and previous direction and approvals, such as execution of the Preliminary Agreement to Develop. Alternatives The first alternative is to convey Outlot C to the Developer as requested. This alternative will allow the project to move forward as originally proposed. The City will receive benefit in terms of utilization of existing infrastructure currently unused and in various stages of deterioration. The City will receive fifty (50) housing units to its housing stock. These housing units are located within one-half mile of the Northstar Commuter Rail - Ramsey Station (another element awarding additional MHFA Points to the Project), and is anticipated to add ridership to that system. The City will also receive an important transportation connection north of Bunker Lake Boulevard, which will also improve connectivity (pedestrian and automobile) from the Town Center Gardens area to The COR (including North Commons and the Ramsey Station). The Developer has also agreed to relocate the driveway access for City Well #4 off Bunker Lake Boulevard to Town Center Drive, increasing the safety of access for City Staff to that well. The Project also provides housing for potential employees of the City's employment district, close to their place of employment. The second alternative is to convey Outlot C in exchange for cash consideration. This alternative would reduce the points awarded by MHFA, and potentially result in the MHFA Award being terminated. The Developer has previously stated, as referenced in the March 13th, 2012 Work Session Minutes, that a local contribution is likely critical to a successful MHFA award. The third alternative is to deny the request to convey Outlot C. This alternative would likely result in the Project being terminated, as noted in the second alternative above. Recommendation: Staff recommends that the HRA adopt a resolution to convey Outlot C, RAMSEY TOWN CENTER 8TH ADDITION to The Seasons of Ramsey Limited Partnership as a local contribution as part of the MHFA Section 42 Tax Credit, subject to Final Plat and Site Plan approval by the City Council and contingent upon compliance with City architectural requirements. Funding Source: All costs associated with processing the Application are the responsibility of the Developer. Council Action: Motion to adopt a resolution to convey Outlot C, RAMSEY TOWN CENTER 8TH ADDITION to The Seasons of Ramsey Limited Partnership as a local contribution as part of the MHFA Section 42 Tax Credit, contingent on Final Plat and Site Plan approval by the City Council and contingent upon compliance with City architectural requirements. Site Location Map Proposed Site Plan Architectural Rendering (Front) Architectural Rendering (Rear) APPROVED Preliminary Agreement to Develop Copy of Scoring Sheet Attachments