Agenda - Council - 06/23/2020 - Laserfiche WebLink

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Mayor LeTourneau stated that he believes that there are residents in Ramsey that like the community and would desire this type of housing product. He noted that this would also provide the opportunity for additional residents outside of Ramsey to come into the community. He stated that this would add to the diversity of the community and help to provide the demand of workforce needed by Ramsey businesses. Councilmember Musgrove stated that this is something within the Comprehensive Plan but also struggles with this product corning forward at this time. Mayor LeTourneau stated that Councilmember Musgrove is very aware of the economy and funding at the State level and asked Ms. Harris for additional clarification. Ms. Harris provided additional information on the funding request through the State. She stated that the funding the State uses for these dollars is a separation bond issuance and is not related to the State's deficit. She stated that the second portion of funding is allocated to the State through the Federal government in the form of tax credits and provided additional details on that process. Mr. Arthur stated that the Federal government is talking about enhancing these credits because of the stimulus that is provided and the jobs that the program creates. He noted that the State acts as a conduit for the credits. Councilmember Specht thanked Aeon for the tour of the existing facility. He stated that the Council has discussed this topic on multiple occasions and the consensus was that there has been a mass development of high density housing and that should be paused in order to allow other retail development to catch up. Mayor LeTourneau stated that it appears that the Council is split and there is not clear consensus on the direction this should move forward. Councilmember Musgrove asked what would occur if the funds are not received through the application process and the City issues the letter of intent. Deputy City Administrator Gladhill replied that the letter of intent would not approve the project, as there would be several steps ahead. He stated that he would like additional input from the developer as to what would happen if they were awarded funds and the City chose to go a different direction when the site plan review occurred. Mr. Arthur stated that the letter of intent does not provide any obligation in whether or not this moves forward. He noted that the letter would allow Aeon to answer the question of whether or not the funds would be available. He stated that he is confident that the preliminary planning related to the build out would result in a high -quality product. He commented that Aeon is a long- term owner and not a developer that sells their building three years after completion. He believed that residents would be proud to live in the building. Councilmember Musgrove asked for details on the site control mentioned in the staff report. City Council / June 9, 2020 Page 15 of 17