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<br />CITY COUNCIL WORK SESSION <br />Topic Report: ACCAP Town Center Mixed Use Development <br /> <br /> <br />By: Sylvia Frolik, Asst. Community Development Director/HRA Director <br /> <br />Background: <br /> <br />On Tuesday, November 28, 2006, City Staff met with Jeff Johnson, representing ACCAP-Ramsey <br />Town Center Apartments Limited Partnership regarding the mixed use apartment and retail project. <br />Recall that the project is proposed as first floor retail and 4 floors containing 40 apartments; 20 <br />affordable and 20 market rate. <br /> <br />A major part of the financing for the project included MHF A tax credits. Mr. Johnson reports that <br />there are a couple of issues related to the project that are presenting obstacles to the MHF A <br />approval. The first issue is that there is public money available for affordable mixed-income <br />projects. However, the market rate units would have to be leased at an amount that would not <br />require subsidy from the affordable housing financing sources. MHF A is concerned about the <br />marketability of the 'market rate' units at rents of $1200-$1,600 per unit. There would be more <br />public money available for the project if all the units were in the 'affordable' category. The market <br />rate units aren't necessary to the project and may make the project more difficult to do. <br /> <br />Secondly, MHF A is concerned that currently there is not a developer committed to developing the <br />first floor retail. <br /> <br />Staff and Mr. Johnson will be prepared to discuss some options to address the issues raised by <br />MHF A.. <br /> <br />Attachments: <br /> <br />None <br /> <br />Action Statement: <br /> <br />Will be based on your discussion. <br /> <br />CCWS: <br /> <br />12.04.06 <br />