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06/04/15
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that would be within market and would work side by side with Ehlers to put that together. Staff <br />is comfortable taking that and bringing back for consideration. That is one alternative, or the <br />EDA and City Council can discuss a specific counter offer with specific thresholds. <br />Chairperson Steffen felt the PSD project was similar in size and he wondered how they can do it <br />without a subsidy and Dominium says they are 2.6 million dollars short. <br />Econ. Dev. Mgr/Assistant City Administrator Brama stated there are restrictions through <br />affordable independent senior housing projects so the rents are capped and the cash flows are <br />capped. When cash flows are capped there is less money to work with so in order to make the <br />project work, especially if it is going to be a high quality project, it needs to be made up <br />somewhere. Often times it is made up through grants, tax credit programs or local assistance. <br />Ms. Kvilvang agreed and stated affordable housing rents are capped so they are at a dollar a <br />square foot in rent compared to $1.60 to $2.00 a square foot. The difference is what the City is <br />making up. If they came in and built at market they would probably need less assistance or none <br />at all. In the metropolitan area, if the developer is not charging $1.80 to $2.00 a square foot for <br />the quality of development people want to see, they will be providing assistance. There are very <br />few markets where that happens. <br />Member Williams asked if this number of senior assisted housing is part of the Comprehensive <br />Plan. <br />Development Services Manager Gladhill stated the County HRA did a senior housing study <br />recently, which looked at senior housing needs for the area, including assisted living and senior <br />independent. What is being proposed now is not assisted living but independent senior living <br />with that affordability. To tie that with their Comprehensive Plan and Housing Assistance <br />Policy, they try to rank at least the types of housing they would consider assistance for, their <br />number one priority was senior independent. <br />Member Williams asked if they want it in that location because this type of residential <br />development does not support the retail on that corner and will not drive more trips or improve <br />the retail offerings or commercial viability of the rest of their development. Before the City even <br />talks about whether or not assistance should be given, it should be decided if this is the right <br />location for the senior assisted housing. <br />Econ. Dev. Mgr/Assistant City Administrator Brama stated, based on the feedback from <br />Dominium, it is his understanding that there are income restrictions from the people that rent <br />these units and many will be retired. What he has been told by Dominium is that the seniors do <br />have disposable income and they will be putting money into the local economy. <br />Member Williams indicated that was not her issue; there could be luxury apartments there and <br />she would ask the same question. She did not think it was driving additional trips or increasing <br />the commercial offerings that are available in the COR. She stated this is a residential <br />development, which may compliment but not in the same way that another retail offering would. <br />Economic Development Authority/June 4, 2015 <br />Page 3 of 9 <br />
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