05-22-2024 Council Packet - Laserfiche WebLink

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In addition, beginning with 2024 the City implemented the Storm Water Utility Fund. The Fund will be sourced by a stormwater utility fee that will be utilized to fund projects that relate to stormwater management and infrastructure. Historically these types of projects were funded through our Capital Infrastructure Fund and by the General Fund. Over the past ten years the General Fund contributed an average of $150,000 a year in levy revenues to the Capital Infrastructure Fund to help finance a portion of the city street projects and stormwater related projects. In addition, as it relates to storm water management, the General Fund, Water and Sewer Funds covered all the cost associated to personnel. Moving forward, all the costs associated with stormwater management and infrastructure, including personnel cost, will be funded by the stormwater utility fee. It is projected that the fee will generate approximately $500,000 on an annual basis. RESIDENTIAL DEVELOPMENT ACTIVITY Residential and commercial/industrial new construction remained strong in 2023. A total of 508 permits were issued in 2023 with a total valuation of $37,505,084. Residential development is expected to continue to increase with several significant projects in the pipeline. These projects include infill development, new single-family subdivisions, and multi-family apartment projects. Approximately 600 new housing units are planned or under development in 2024, which will result in an increase of over 1,300 in population. SINGLE-FAMILY DEVELOPMENT The Gervais Woods 2nd Addition was approved on January 26, 2022. The 15-unit subdivision along Westwind Court has been under development for two years, and over half of the homes are completed. The homes in this subdivision are towards the higher end of the market with prices starting at $1 million. The City of Little Canada also approved a 7-unit single-family subdivision in 2023 which will feature mid-to- high market value homes starting at $750,000. A 4-unit single-family subdivision was also proposed this year at 2395 Edgerton Street. The parcel is currently zoned R-1, Low Density Residential and the applicant is planning build a single-family home for each parcel. In addition, a market rate neighborhood of 178 townhomes is under development by Lennar Corporation, the largest homebuilder in the United States. Lennar has purchased 20-acres south of County Road D East in Little Canada develop a mix of row townhomes and back-to-back townhomes. The development is well underway, and the townhomes are targeted at entry-level home buyers with prices starting at $359,000. MULTI-FAMILY DEVELOPMENT The City of Little Canada also partnered with a local developer (Reuter-Walton) to construct two multi- family apartment buildings on Twin Lake Boulevard. Both of the 60-unit buildings with underground parking have been completed, and are targeted towards working families with children featuring a majority of two-and three-bedroom layouts. Reuter Walton was awarded Housing Tax Credits (HTC) for both projects and also received $2.5 million in funding from Ramsey County. Reuter-Walton is also working on a third multi-family apartment project with 160 units at the intersection of Demont and Rice Street. The City approved a zoning application from Reuter Walton in 2023 to change the parcels from C-1, General Commercial District to C-2, Corridor Mixed District which aligns with the City’s 2040 Comprehensive Plan. The project has received initial funding from Ramsey County, and is currently on the MN Housing priority list for Housing Tax Credit (HTC) tax credits. Lupe Development Partners, LLC, a twin cities developer, has also proposed a 106-unit multi-family senior apartment project on land south of Highway 36 on County Road B East. The project will feature a 4 -story wood framed structure over one level of underground parking. The project will be targeted to seniors 55+ and feature a majority of studio to two-bedroom layouts. Units will have energy star appliances and open floor plans. Lupe Development has also received $1.4 million in funding from Ramsey County. 14