08-09-2023 Council Packet - Laserfiche WebLink

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The "Project" will consist of the acquisition and construction of an approximately 233,180 square-foot rentable apartment community that will comprise an approximately 175-unit multifamily housing development for households of low and moderate income. The project will include an underground parking garage to be located on the east side of Rice Street and north of West Demont Avenue. The Project will be owned and operated by the borrower (Reuter Walton Development, LLC). The proposed project will have 90% of the units will be affordable to households at or below 50% of Area Median Income (AMI). This means that the units will be affordable to people who earn less than $40,200 for a single-person household or $53,200 for a family of four. The Project is currently anticipated to consist of the following units: Funding will ensure that the project includes housing affordability which is a goal that was identified in the City’s 2040 Comprehensive Plan. The City of Little Canada has been asked to accommodate up to 72 additional units of affordable housing between 2021-2030 in partnership with the regional housing goals of the Metropolitan Council. This development helps to achieve these goals. Additionally, the City of Little Canada is interested in providing a new sidewalk or pedestrian amenity along Rice Street that will ultimately connect to additional sidewalks along Rice Street to increase connectivity. This amenity will benefit the project as well as surrounding neighborhoods and commercial corridor. The project is along a future BRT Purple Line route and an existing bus route as well as within ¼ mile from a Park & Ride lot. RECOMMENDED ACTION Staff recommends City Council approval of the attached Resolution of Support. Units Number of Units Square Footage Per Unit Estimated Initial Rents Per Unit 1 BR/1 Bath 18 663 $601/month 1 BR/1 Bath 33 663 $1,300/month 2 BR/2 Bath 94 939 $1,557/month 3 BR/2 Bath 30 1,187 $1,798/month