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Leslie Roering, Project Manager for Aeon, reviewed specific details on the project concept for <br />the Ramsey Apartments. She noted that in this process, they will continue conversations with <br />the City and community, will submit an application for funding, and then hope to begin <br />construction. <br />Councilmember Riley commented that he is pleased to hear that Aeon is willing to work with the <br />City and agrees with the EDA recommendation to place the development on a timeline. He <br />noted that the City would be able to gain development and get something for the land that is <br />currently vacant. <br />Councilmember Shryock asked how far out into the suburban area Aeon has gone, and whether <br />that impacts the process compared to developments closer into the urban area. <br />Mr. Lenhoff stated that Aeon has developments in Chaska, which is no further out from the <br />urban area than Ramsey. He noted that therefore this is a continuation of the work that is being <br />done by Aeon. <br />Councilmember Kuzma asked how rents would be determined and whether there would be <br />subsidies. <br />Mr. Lenhoff stated that rental rates have not yet been determined but noted that the current <br />concept would have an income restriction of some sort but they would not be banking on any <br />subsidies in particular. <br />Councilmember Johns asked staff for information on the City's current limit for income <br />restriction properties. <br />Asst. City Administrator/Economic Development Manager Brama stated that there is nothing <br />defined in policy at this time. He noted that the plan for The COR was to include a mix of <br />housing but advised that there is no cap on that item. <br />Mayor Strommen asked if there was information in the Comprehensive Plan regarding affordable <br />housing. <br />City Administrator Ulrich replied that the Metropolitan Council does assign a rating to each city, <br />noting that the City does have a large amount of single family housing market while the focus in <br />The COR has been apartments. <br />Mayor Strommen asked that staff research further to determine the current housing mix of the <br />City and the level to which affordable housing is provided in the City. <br />Councilmember Williams referenced the Purchase Agreement and asked if phase two will also <br />be linked to the Development Agreement in the same manner in which phase one is. <br />Asst. City Administrator/Economic Development Manager Brama replied that is correct. <br />City Council / May 10, 2016 <br />Page 7of10 <br />