10-09-2024 Workshop Minutes - Laserfiche WebLink

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MINUTES OF THE WORKSHOP MEETING CITY COUNCIL LITTLE CANADA, MINNESOTA OCTOBER 9, 2024 Pursuant to due call and notice thereof a Workshop meeting of the City Council of Little Canada, Minnesota was convened on the 9th day of October, 2024 in the Conference Room of the City Center located at 515 Little Canada Road in said City. Mayor Tom Fischer called the meeting to order at 5:30 p.m. and the following members of the City Council were present at roll call: ROLL CALL: In attendance were Mayor Fischer, City Council Members T. Miller, Gutierrez, Kwapick and D. Miller. Absent: None. ALSO PRESENT: City Administrator Chris Heineman, Community Development Director Ben Harrington, Community Relations Manager Laura Linehan, City Clerk/HR Manager Heidi Heller, Michaela Huot and Jake Emeott with Baker Tilly, Paul Keenan with Reuter Walton and City Attorney Amanda Johnson. REVIEW TERMS FOR RICE & DEMONT MULTI -FAMILY HOUSING DEVELOPMENT TAX INCREMENT FINANCING The Community Development Director explained that Reuter Walton had some changes that staff felt warranted platting the property and rezoning to a Planned Unit Development overlay. He stated the properties were initially rezoned to C-2, Corridor Mixed last year, which staff still feels is the appropriate underlying zoning district. He noted the Planning Commission will review the requests on October 10 and the City Council will hold the public hearing on October 23. Fischer asked that when the planning case comes before the Council, the applicant explains why the building is not meeting all of the typical code requirements. Michaela Huot, Baker Tilly, stated that she will giving an update on the TIF proposal that she talked with the Council about in May 2024. She explained that the request for financial assistance through establishment of a TIF District. She stated that since the applicant was not awarded some of the grant funds that had been applied for, there is a need for tax increment financing assistance since there is now a $1 million financial gap. She stated the project is proposed- to be -a 1-60=unit- multi- family housing project with 1, 2 and 3 bedroom units, and the rent and income amounts will be at 60% of AMI (area median income) with 3 units at 30% AMI. She explained it would be a maximum of a 26-year term as an annual pay-as-you-go in order to provide additional cash flow to support the debt repayment. She noted the total project cost would be $53.77 million. Ms. Huot explained that the other taxing authorities such as the county and school district would continue to receive property taxes on the existing property value, but not the on the increased value until the district is paid off and decertified. Paul Keenan, Reuter Walton, explained that the feedback they received from the non -funded grant application was that they liked the location and affordability but there were other projects that had more sustainability aspects than theirs. He stated that the city will be applying for grant funding through the Ramsey County Critical Corridor program to assist with the cost of the sidewalk construction along Rice Street.