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STAFF REPORT <br />TO: <br />FROM: <br /> DATE: <br />RE: <br />Mayor Fischer and Members of the City Council <br />Chris Heineman, City Administrator <br />Wednesday, October 9, 2024 <br />Rice and Demont (RIDE) Multi-Family Development <br />ACTION TO BE CONSIDERED <br />Review Terms for Rice and Demont Multi-Family Apartment Development TIF Financing. <br />BACKGROUND <br />Reuter Walton Development, LLC, a Twin Cities developer, is proposing to build a 160-unit multi- <br />family apartment project on land at the intersection of Rice Street and Demont Avenue of Little <br />Canada. The project will feature a 5-story wood framed structure over one level of underground <br />parking. The unit mix will feature one, two and three-bedroom layouts. <br />On May 22, 2024 the City Council received a presentation by Paul Keenan from Reuter- <br />Walton and Mikaela Huot, the City's Financial Advisor from Baker-Tilly. <br />On May 24, 2023 the City Council reviewed this development proposal at their workshop and <br />provided a resolution of support to submit an application for an ARPA grant. Reuter Walton and <br />the property owner also hosted two Neighborhood Meetings on June 7th and November 28th to take <br />comments from the public and provide more information on the development. <br />On December 20, 2023, this proposal was reviewed and approved for a land use application to <br />rezone the parcel from C-1, General Commercial District to C-2, Corridor Mixed District, which <br />is in line with the Comprehensive Plan Future Land Use Map as well as a lot combination, <br />combining four parcels into one to facilitate the development. <br />Applicant: <br />Reuter Walton Development, LLC <br />4450 Excelsior Boulevard, Suite 400 <br />St. Louis Park, MN <br />Owner: <br />Tom Duray <br />2540 Edgerton Street <br />Little Canada, MN 55117 <br />Address/Location: <br />Rice Street and Demont Avenue