Agenda - Council - 09/22/2015 - Laserfiche WebLink

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Our Mistionc To work together to reipoiibly grew our comma nityr, and to provide quality, cert-oliBcdwe, and efficient government services. CC Regular Session Meeting Date: 09/22/2015 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 7. 5. Information Title: Consider Request from PSD LLC for a Housing Subsidy Purpose/Background: PURPOSE Consider the attached request from PSD LLC to apply for a $500,000 subsidy to support the construction of a 121 unit apartment complex located within The COR. BACKGROUND (PSD LLC/ Proposed Development) PSD LLC is a significant land owner and well established developer in the City of Ramsey. PSD LLC recently purchased about 15 acres of City owned land located within The COR for $1.89M. It is proposed, PSD LLC will develop their new property in three phases. The first phase of their development is proposed to be a 121 -unit market rate apartment complex. The proposed apartment complex will feature a tuck -under heated and secured parking on half of the first floor, quality entrance area (fire place, couches, chandeliers), high quality detached garages, a small park (including a playground), a community garden, a mix of 1-2-3 bedroom apartments, a full size workout facility, quality community grills/ patios/ seating, community room/ game room, and quality interior design (granite counter tops, granite window sills, wood blinds, vinyl plank wood floors, stainless steel appliances, quality solid -wood cabinetry design, full-size in -unit washer/ dryers, triple pane high energy efficiency windows, garbage chutes). The proposed project will front The Draw park along Ramsey Parkway, and will comply with the City's zoning regulations (i.e. architecture). PSD LLC estimates the first phase of their development, a 121 -unit apartment complex, is nearly a $20M investment. Attached to this case is the most recent site plan and visuals of the proposed apartment complex. BACKGROUND (Assistance Request) PSD LLC has experienced an unanticipated hike in project costs; and feels City assistance is needed in order to move the proposed project forward. PSD LLC is confident they can prove a financial gap exists in their pro -forma and was willing to have a third party underwrite their project (Ehlers); including paying the required $7,000 fee. Staff accepted a complete application from PSD LLC on September 10. Notification: NA Observations/Alternatives: