09-13-1995 Council Agenda - Laserfiche WebLink

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EXAMPLES Project A is on a portion of a redevelopment site in an older city that had been in industrial use. An adjacent area has been redeveloped as a small business park, providing space for small enterprises includ- ing a sign - making company. The city has been working to redevelop this site as a mixed -use housing and commercial area. The site has transit access along a major collector street that is adjacent to the site. It is close to an older employment concentration, providing jobs paying low to middle- income wages. The city applied for a loan and grant from the Demonstration Account to assist with the housing and commercial part of the project. The city plans to build townhouses and condominiums that will be afford- able to a variety of income levels. Along the collector street, the proposal calls for locating small busi- nesses providing neighborhood services such as a drugstore, convenience store and coffee shop. One business has told the city it will commit to the project, encouraged to do so by the 15 percent tax reduc- tion (enacted by the 1995 Minnesota Legislature) for locating along a transit line. Other businesses have also expressed interest. A small public square is planned in an area near the businesses and transit stop that will connect to the townhouses via a pedestrian walkway. The proposal also calls for rerouting a street from its original configuration to connect directly to the collector street, to allow better pedestrian accessibility to the bus stop and neighborhood businesses. This proposal received a $500,000 loan, as a match for the local contribution, to complete a financing package for the construction of 50 townhouses and two 3 -story condominium buildings. The proposal also was awarded a $75,000 grant to undertake a process with community residents and businesses to develop and refine the project's design. 8/22/95 lcda.pm5 Page 117