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<br />site, and they will look into trying to develop a space for storage for bicycles and larger items. <br />Mr. Johnson stated they have started exploring with staff how to connect this building to the <br />ramp where the parking will be provided for the residents. They would like to see a skyway, and <br />that is something that will be worked on. They will apply to MHF A for a variety of financing; <br />the financing will involve County, City, State and Federal funds for the affordable component of <br />the apartments; the process to apply and receive the funds will take as long as one year. <br />Construction should begin in the year 2007, with completion in the year 2008. <br /> <br />Mayor Gamec asked if there will be a firm to handle the leasing of the retail portion of this <br />development. <br /> <br />Mr. Johnson replied ACCAP is looking for a commercial/for-profit developer to partner with <br />them; ACCAP is a housing developer. <br /> <br />Councilmember Elvig noted there are a handful of financial concerns that are still to be worked <br />on. The reimbursement of the parking was an issue to discuss, as well as how the loan will be <br />paid back, which will be a 30-year payback of the $400,000 of the County HRA levy that is <br />already in place. Staff has been working on the access to the parking. He stated the quality of <br />the look of the apartments is nice, which is something he was concerned about. People have <br />different connotations with the term affordable. This will be a very Class A building; not one <br />unit versus another being better or worse, all the units will be equally high quality living units. <br />The rent will be bought down to make some of the units affordable. <br /> <br />Mr. Johnson stated affordable housing in Minnesota cannot appear substandard: MHFA always <br />develops A quality rental housing. <br /> <br />Councilmember Elvig stated he applauds having rental apartments in Town Center. At this time <br />only 3% of the community is rental, and this is something young people and professionals are <br />often looking for. Along with the look and quality of the building is the look and quality of the <br />residents. He asked Mr. Johnson to provide information on how residents will be screened for <br />the units. <br /> <br />Mr. Johnson stated there are two key partners involved with this development; himself and <br />ACCAP. He has been in rental housing for more than 20 years, and ACCAP more than 30 years. <br />There is a sophisticated process with a professional approach that includes a complete <br />application being received from the renter. The renter is screened for credit as well as criminal <br />background, and references are called. <br /> <br />Councilmember Elvig commended Mr. Johnson for his other project in the City of Ramsey. <br /> <br />Mr. Johnson explained the other project in the City was targeted towards a family market. This <br />project will be a different mix of I, 2 and 3 bedroom units; it will be more of a downtown <br />housing approach. <br /> <br />City Council! June 13,2006 <br />Page 11 of 26 <br />