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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of the City Council <br /> <br />FROM: Corrin Wendell, Community Development Director <br /> <br />DATE: April 27, 2022 <br /> <br />RE: 2040 Comprehensive Plan Amendment – 0 North Owasso Blvd (Twin Lake Blvd) <br />– Case #1411 <br /> <br /> <br />ACTIONS TO BE CONSIDERED <br />To consider approval of a 2040 Comprehensive Plan Amendment and Resolution to guide land <br />use for parcels located at 0 North Owasso Blvd, PID 313022310001 and PID 313022310002 from <br />Medium Density Residential to High Density Residential on the Future Land Use Map. <br /> <br /> <br />BACKGROUND <br />The City has received a Comprehensive Plan Amendment application to request guiding of two <br />parcels of land that are currently owned by the City from Medium Density Residential to High <br />Density Residential in order to facilitate a multi-family housing development. In December 2021, <br />the applicant was approved by the City Council to rezone the parcels from R-1, Low Density <br />Residential to R-3, High Density Residential, contingent upon a Comprehensive Plan Amendment. <br />In December of 2021, at the request of the developer, the City applied for an allocation of <br />$9,319,750 in bonding authority from Minnesota Office of Management and Budget in support of <br />the project. The City was awarded this authority in January of 2022. Based on this award, the <br />developer has gained financial commitments from a lender to purchase the bonds and an investor <br />to provide the equity needed to make the project possible. The developer has also retained an <br />architect to design the project and produce construction drawings. With those drawings, the <br />developer has secured a competitive bid from a qualified general contractor to build the project. <br />Reuter Walton is proposing to build Phase 1 of a 60-unit multi-family apartments on land north of <br />Twin Lakes Boulevard currently owned by the city. The project will feature a 3-story wood framed <br />structure over one level of underground parking. The project includes several high-end common <br />area amenities including on-site management, fitness center, community room and underground <br />parking all at no additional cost to the residents.