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<br /> <br />Property Information: <br />The two properties (4.63 acres total) are located along Twin Lake Blvd as listed below: <br /> <br />PID 313022310001: 0 NORTH OWASSO BLVD – 2.19 acres <br /> <br />PID 313022310002: 0 NORTH OWASSO BLVD – 2.44 acres <br /> <br />Planning Review: <br />Both of the properties are currently zoned R-1, Single Family Residential, and are guided Medium <br />Density Residential in the 2040 Comprehensive Plan. The properties would need to undergo an <br />Administrative Comprehensive Plan Amendment from the Metropolitan Council (10-day process) <br />to change the guided land use from medium to higher density residential. The property would <br />also need to be rezoned from R-1 to R-3 to accommodate the proposed project. <br /> <br />The zoning change for the project is scheduled to be reviewed by the Planning Commission at <br />their upcoming meeting on December 9th. An Open House for the surrounding neighborhood will <br />also be conducted as part of this process. The Planning Commission recommendation will then be <br />forwarded to the Council for consideration at the December 15th City Council meeting. If the <br />proposal continues to move forward, the City Council will also be asked to consider approving a <br />Letter of Intent (LOI) for the sale of city-owned property at the December 15th Council meeting. <br /> <br />Proposed Timeline: <br />The first phase could potentially start construction in July 2022 and open in June 2023. <br /> <br />Proposed Funding Opportunities: <br />Paul Keenan will discuss further the potential various funding source opportunities for the site and <br />development. The reason for the timing of this development proposal is to ensure alignment with <br />the funding cycle for LIHTC and the upcoming application deadline. <br /> <br />STAFF RECOMMENDATION <br />Review Plan for Twin Lake Boulevard Multi-Family Housing Development and provide <br />feedback and comments. <br /> <br /> <br /> <br />