12-14-2022 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL DECEMBER 14, 2022 TWIN LAKE BOULEVARD APARTMENTS PHASE II FINANCING PROGRAM The City Administrator reported the City has received a request from an affiliate of Reuter Walton Development, LLC, with Little Canada Phase Il GP LLC, that the City assist in financing a Project, through the issuance of revenue bonds for the second phase of the apartment development on Twin Lake Boulevard. He explained that the project to be financed by the bonds consists of the construction of a 60-unit multifamily housing building for households of low and moderate income, and an underground parking garage. He stated the building will be known as Lica Apartments, located at 45 Twin Lake Boulevard. Paul Keenan, Reuter Walton, stated construction is going very well and they are on track to have the first apartment building open in July 2023. Torkelson asked what demographic they are targeting for the second building. Mr. Keenan stated it will for families since there is such a great need for that, and the rent rates will be the same in both buildings. McGraw introduced the following resolution and moved its adoption: RESOL UTION NO. 2022-12-157 —CALL FORA PUBLIC HEARING AT A LATER DATE, AND GIVING PRELIMINA R Y A PPR 0 VA L TO THE ISSUANCE OF HOUSING FA CILITY RE VEN UE BONDS TO FINANCE PHASE 11 OF THE MULTIFAMILY HOUSING PROECT ON TWIN LAKE BOULEVARD The foregoing amended resolution was duly seconded by Miller. Ayes (5). Nays (0). Resolution declared adopted. ACCEPT FEASIBILITY REPORT AND CALL FOR A PUBLIC HEARING FOR SUNRISE DRIVE MILL & OVERLAY IMPROVEMENT PROJECT The City Engineer stated that at the October 12, 2022 meeting, the City Council accepted a Feasibility Report that included planned pavement reclamation improvements to Sunrise Drive in 2023 (the last 350' of Sunrise Drive to the cul-de-sac). He explained that the City Council requested that staff investigate the remaining segment of Sunrise Drive to Edgerton Street to determine if a mill and overlay would be a suitable improvement to get the entire roadway on the same maintenance cycle. He reported that a Feasibility Report has now been prepared to investigate mill and overlay improvements, and from an engineering perspective, amill and overlay is a very suitable pavement rehabilitation measure for this portion of the roadway and will achieve the goal of getting the pavements on a similar maintenance cycle. The City Engineer stated that a letter was mailed to potentially affected residents on November 11 requesting feedback about the proposed improvements. He reported that staff was contacted by two of the eight -property owners and both were in support of the improvements. He stated that if the City Council proceeds with scheduling a public improvement hearing, staff will mail letters to the affected residents. Keis stated that this part of the street was redone in 2010, so should we be asking the residents to pay again only 13 years later. The City Administrator explained that this section had a full -depth reclamation in 2010, and the city reviews a street after 15 years to see if a mill and overlay is needed I