Agenda - Council - 06/09/2020 - Laserfiche WebLink

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aeon home changes everything Memorandum In June of 2016, Aeon applied to Minnesota Housing for financing through their annual consolidated Request for Proposals. Greenway Terrace Phase 1 received its full funding request that year and broke ground in November 2017. While under construction, Aeon received over 300 applications for the 54 units in Greenway Terrace Phase 1. The evidence of need prompted us to submit an application for funding on Phase 2. The funding application required that we exercise the purchase option in the original agreement to demonstrate site control and a new purchase agreement was executed in 2018. Since then, the Phase 2 has not been successful in receiving funding from the state. The purchase agreement has been extended for each funding application. In January 2020, the original purchase agreement expired without a transfer of ownership. We are now ready to resubmit for funding which we believe will be successful because of modifications that we have made to our proposal to make it even more competetive, for example a change to our General Contractor to a woman or minority owned business results in additional points for our application. Project Summary: Greenway Terrace Phase 2 is a new transit -oriented construction project that will include a four-story elevator building with underground parking incorporating a variety of different housing options, from 1- to 4-bedroom units. Given the lack of four -bedroom apartments within Ramsey and the surrounding community, having 4-bedroom units will make this project unique and in high demand. The building will be situated on a 1.36-acre vacant site in the City of Ramsey's COR downtown area. Located within a half -mile of the North Star Commuter Rail - Ramsey Station, this project provides access to surrounding communities from Big Lake, down to Minneapolis, on to the Mall of America or over to Saint Paul. The City of Ramsey's COR downtown is a transit -rich community that is experiencing large growth in residential and commercial development. Within a half -mile walking distance of the project site, residents will have access to healthcare facilities (Allina Health — Ramsey Clinic and the Northwest Metro VA Clinic), PACT Charter School — a top performing school for grades K-12, The Draw — a park/amphitheater that is home to summer concerts and the City's farmers market, a grocery store, restaurants and public 901 No 3rd Street, #150, Minneapolis, MN 55401 612-341-3148 Main www.aeon.org