06-20-2022 Council Packet - Laserfiche WebLink

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STAFF REPORT TO: Mayor Keis and Members of the City Council FROM: Chris Heineman, City Administrator Corrin Wendell, Community Development Director DATE: June 20, 2022 RE: Twin Lake Boulevard Multifamily Housing Project TIF Loan Agreement ACTION REQUESTED The City Council is requested to adopt a Resolution approving and authorizing the execution of a TIF Loan Agreement in the amount of $1,000,000 as financial assistance to Twin Lake Limited Partnership (the Developer) for the construction an approximately 90,902 square-foot rentable apartment community that will comprise an approximately 60-unit multifamily affordable housing development and functionally related facilities, including an underground parking garage, located at the northwest corner of Twin Lake Boulevard and Bankers Drive in the City of Little Canada. BACKGROUND The City Council has been considering a multi-family housing proposal by Reuter Walton for a 60-unit multifamily apartment project north of Twin Lake Boulevard for approximately 9 months. The proposed project is the first of two 60-unit buildings that will be developed on the site and features a 3-story wood framed structure over one level of underground parking. The project includes several high-end common area amenities including on-site management, fitness center, community room and underground parking all at no additional cost to the residents. The unit mix will be targeted towards working families with children and feature a majority of two-and three-bedroom layouts. Units will have in unit washer and dryer, energy star appliances and open floor plans. The site is currently heavily wooded with mature trees. The buildings will sit more than 30 feet from the north and south property lines. As a result, the project is proposed to be well screened from neighbors to the north and south. At the City Council meeting on December 15, 2021, the City Council adopted Ordinance 859 amending the Little Canada zoning map to rezone these parcels from Single Family Residential (R-1) to High Density Residential (R-3) contingent upon a Comprehensive Plan Amendment. Following this action, the City Council also passed Resolution 2021-12-154 approving the allocation of bonding authority for Multi-Family Housing Revenue Bonds. Reuter Walton then submitted an application to Minnesota Housing for LIHTC tax credits and was notified that this project was awarded an allocation of tax credits in January of 2022. There were several additional steps that have taken place since that time, including site plan review, City Council approval of a Comprehensive Plan Amendment, approval of a Resolution approving the issuance and sale of bonds for the project, and building permit approval.