06-12-2002 Council Workshop Minutes

Home Browse Search

MINVCCS CITY COUNCIL JUNU 12, 2002 Sherman described the senior residential units noting that they will range from 750 to 1,500 square feet. There will be a mix ofone-bedroom, one-bedroom with dens, two- bedrooms, and two-bedrooms with dens. Units will each have washers and dryers, walk-in closets, furnaces with central air. A total of 79 units are proposed at this time. Sherman described the financing package he is working on for the senior housing/retail project. He has submitted a HUD mortgage application and expects a final commitrnent within 90 days. Closing on the financing can occur 30 to 45 days after receipt of the commitment. The project has also received a $300,000 award from the County to be used for affordable housing, Sherman indicated that he is working on a Metro Livability Grant application that will have to be submitted by July I5'~', as well as some affordable housing funds that could be utilized to help write-down the cost of the for-sale townhome units to 80% of mediae value. If those funds are used for any of the townhomes, there are some repayment requirements should townhomes be resold within the frst three years. Sherman also indicated that he may be seeking Housing Revenue Bonds for the project, and provided the Council with a comparison of the various interest rates and mortgage terms of Housing Revenue Bonds and FIUD financing. Another option being pursued is MHFi1 tnancing. LaValle asked when the Venetian building would be demolished. Sherman indicated that he would like to mobilize just once and would prefer to take down the building at the time he begins construction on the senior housing/retail building. Fahey felt that that was acceptable. Sherman again stated that if the title issues can be resolved, he anticipates construction starting by October I5°i. Sherman reported that with regard to the northeast corner, he is currently working with US Bank to relocate to the corner. He suggested that he would know within 30 days if that will happen. 1-1e is also working with a doctors' group on a 15,000 square foot stand-alone building as well as a 10,000 square foot office building for a contractor. Roycraft asked the Cowicil's preference for the development of the northeast corner. Fahey replied that the preference is for office/commercial development on that corner. Malvin Lee, long Lane, asked for additional reassurance that the wetland and tree canopy in the southeast corner of the housing site would remain. Sherman replied that there are no plans to change or disturb that wetland area. Joe Sheehan, Pro Contracting, asked about demolition of the structures behind the Ultimate Golf building. Sherman reported that if they purchase that property fromm 4