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

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aeon home changes everything Memorandum Community and Economic Impact: In addition to providing low- to moderate -income families affordable homes, Greenway Terrace Phase 2 provides economic impact to the City of Ramsey. The COR: For years, the City of Ramsey staff have engaged community members around the development of the COR. The northwest corner of the COR is planned for housing, as is demonstrated by the development of townhomes and multifamily buildings in this area. Phase 2 will cap the development of multifamily buildings in the northwest corner of the COR and will provide the backdrop for The Waterfront. The Waterfront: The Waterfront is planned for the land directly west of Phase 2. Aeon's proposed project has access to funds that could help prepare Center Street for the development of The Waterfront. These funds would be available through the Metropolitan Council and would be applied for in partnership with the City of Ramsey. Additionally, a commitment of funds for the preparation of Center Street for the Waterfront could be used as leverage for other funds to complete the project. Applications to the Metropolitan Council's Livable Communities Demonstration Account are due in July each year, with awards announced in November. Economic Impact and Activity in The COR During and After Construction: Once the project is awarded funding, construction would take approximately 12 months to complete. The project anticipates over 100 construction jobs would be generated in the COR. Those individuals would be utilizing businesses, such as restaurants, grocery stores and gas stations, while they work in the area. The increase in population in recent years in the COR has shown to spur additional development opportunities in commercial and industrial development throughout the city. Greenway Terrace Phase 1 is home to approximately 250 residents. Property taxes payable in 2020 are $59,024.82 based on a tax -assessed value of $6,533,400. Estimated annual property taxes for 2021 are $76,113.93 based upon a tax -assessed value of $8,810,400. We expect that Phase 2 would house a similar number of residents and to have a similar tax -assessed valuation. Phase 1 currently has two onsite employees with multiple service providers and additional Aeon staff visiting the property on a weekly basis. Phase 2 is expected to have a similar amount of staff. 901 No 3rd Street, #150, Minneapolis, MN 55401 612-341-3148 Main www.aeon.org