02-14-1996 Council Agenda - Laserfiche WebLink

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02 -09 -1996 10:45 612 339 5897 BEST &FLANAGAN P.03 THE PROJECT General Description The Project known as The Provinces Apartments, is located at 153 and 155 East Little Canada Road in the City of Little Canada, Minnesota, in a first ring suburban neighborhood that is bounded by Interstate 694 to the north, 35E to the east, Highway 36 to the south, Rice Street to the west and is 3.5 miles north of downtown St. Paul, Minnesota. The Project is accessible by north -south and east west freeways, The population of the City is approximately 9,225 persons, and is part of the northeast St. Paid area, which has a population of approximately 133,000. Single family homes in the area generally range in value from $100,000- $150,000 and area multifamily projects are averaging less than 396 vacancy. The area is serviced by a number of churches and schools,asosellrsetatudelvnitilicillill. The largest employers in Little Canada are St. Jude Medical (236 employees), Slumberland (190 employees) and Knox (125 employees). The Project consists of two three -story buildings containing a total of 118 apartment units which have a total square footage of approximately 151,949 square feet. The Project is Located on a site of approximately seven acres. The Project includes 118 bmas a t.. V' L.J14I..6...1 o...L.... }uu'LLub far 103 aa.Vs, ins as aavrabs of 2.04 parldng spaces per unit. The Project includes Laundry facilities, an outdoor swimming pool, a children's play area and an on -site rental office. The Project will be located in an area of mixed single family, multifamily and commercial uses. The Project was constructed in 1972. The Project buildings are constructed of wood frame, with exterior walls of brick and stucco, concrete block foundation and flat roofs. The Partnership has entered into a Purchase Agreement (the "Purchase Agreement ") with Vulcan Properties, Inc. (the "Seiler ") to purchase the Project for 52, 850, 500. In connection with the acquisition of the Project, the Partnership will undertake certain rehabilitation work to be funded from Bond proceeds. (See description of such work below under the aubcaption "-- Rehabilitation Work "). The Project's 118 rental apartment units consist of the following unit types: No. of Average Projected UJnita ' Unites Scuare Feet Boa 36 1 bdrm; market rate 702 of 5490 9 1 bdrm; restricted 702 of $459 12 2 bdrm; restricted 962 of 5539 4 2 bdrm; restricted 975 of 5570 56 2 bdrm; market 962 -975 of 5590 1 3 bdnn; market 1,040 sf 5625 -12- Page 14