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<br />Mayor Kuzma explained that there is currently a moratorium on The COR area; however, they <br />need additional apartments for workers in the area. He asked what the rent prices will be for the <br />units. <br /> <br />Ms. Wise stated that on average it would be approximately $2 a square foot. <br /> <br />Mayor Kuzma asked if they will also be looking at short term rentals. <br /> <br />Ms. Wise said typically not, as they like 12-month leases, but could make accommodations for <br />shorter leases if it made sense. <br /> <br />Councilmember Woestehoff stated that overall this seems like a good idea. He asked if there has <br />been any consideration for a shared parking agreement with the potential hotel located to the south. <br />He noted that he is not a fan of lots of asphalt everywhere and would like to figure out a way to <br />minimize the parking impacts. <br /> <br />Ms. Wise shared that they have not approached the hotel nor has the hotel approached them in <br />regard to a parking agreement. She noted that they would like islands within the parking lot that <br />have lots of trees. She stated that Norhart has done lots of research on parking and this proposal is <br />in the ‘sweet spot’. <br /> <br />Councilmember Musgrove asked if Norhart has done other apartment buildings that also had a <br />retail component. <br /> <br />Ms. Wise stated that they have not; however, they are currently doing one in Oakdale. <br /> <br />Councilmember Musgrove asked if there would be underground parking and if that was included <br />in her numbers. <br /> <br />Ms. Wise said yes to both. <br /> <br />Councilmember Riley asked if any City funding was anticipated. <br /> <br />Ms. Wise stated that they would not be asking for any City funds. <br /> <br />Mayor Kuzma shared that he thinks this is a good project. <br /> <br />Councilmember Specht noted that he would still like to see a pause on the apartments within The <br />COR area. <br /> <br />Councilmember Musgrove shared that she tends to agree with that idea; however, this project has <br />retail aspects to it which is an attractive feature. She shared her support for the project. She stated <br />that she is not opposed to the project being in this area or potentially looking at another area. <br /> <br />City Council Work Session / May 23, 2023 <br />Page 2 of 12 <br /> <br />