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<br /> <br />Site Plan Review <br />The final site plan was reviewed by the Development Review Committee in April prior to the <br />Comprehensive Plan Amendment process. The Site Plan Review for this project included: <br />• land use, setbacks, number of housing units, land coverage, parking, environmental impacts, <br />traffic circulation; <br />• landscape improvements, vehicle and pedestrian movements, drainage and utilities, security, <br />fire protection, life and safety issues, grading, site preparation, right-of-way, easements, tree <br />preservation, outdoor trash; <br />• screening, signage, stormwater, wetlands, exterior lighting, and storm sewer alignment. <br /> <br />Comprehensive Plan Amendment <br />At the April 27 City Council meeting, the City Council reviewed the Comprehensive Plan <br />Amendment and voted to approve the Future Land Use for the two parcels from Medium Density <br />Residential to High Density Residential. On April 14, the Planning Commission reviewed and <br />recommended approval to the City Council for the Amendment. With the approval from Council, <br />Community Development Director, Corrin Wendell, submitted the Amendment officially to the <br />Metropolitan Council on April 28. The Metropolitan Council reviewed and recommended <br />approval of the land use change on May 12. The Future Land Use Map of the 2040 <br />Comprehensive Plan is in the process of being amended with this change. <br /> <br />Approval of Resolution for Issuance of Multifamily Housing Revenue Bonds <br />At the June 8 City Council meeting, the City Council reviewed the developer’s project pro-forma <br />and proposed project financing. The project will be considered 100% affordable for at least 30 <br />years, and includes 25 1-bedroom units, 24 2-bedroom units, and 11 3-bedroom units. The total <br />development cost for the 60-unit project is $19,522,367. A significant portion of the project cost <br />is funded through syndication proceeds related to the sale of LIHTC credits. The following steps <br />were taken by the City Council at the June 8 City Council meeting. <br />1) Conducted a Public Hearing on the Issuance and Sale of Multifamily Housing Revenue <br />Note and Approving a Housing Program pursuant to Minnesota Statutes, Chapter 462C <br />2) Approval of a Resolution approving Issuance and Sale of a Multifamily Housing Revenue <br />Note (Twin Lake Apartments Project), Series 2022, and approving a Housing Program <br />pursuant to Minnesota Statutes, Chapter 462C. <br /> <br />Additional funding sources for the project include a grant from the Ramsey County HRA in the <br />amount of $1.5 million at a TIF loan from the City of Little Canada in the amount of $1 million. <br /> <br />Building Permit Approval <br />The applicant submitted the building permit on May 10, 2022 for review by Building Official <br />Steve Westerhaus. The Building Permit was approved on June 8, and the total permit fees were <br />$301,699 including $20,580 in park dedication charges. <br /> <br />ATTACHMENTS: <br />1) Memo from Mikaela Huot, Director; Baker Tilly <br />2) TIF Loan Agreement <br /> <br />STAFF RECOMMENDATION <br />Staff recommends that the City Council adopt a resolution approving the TIF Loan Agreement <br />and authorizing the execution of said agreement in the amount of $1,000,000 as financial <br />assistance to Twin Lake Limited Partnership.