09-05-2017 Council Packet - Laserfiche WebLink

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4-8 People aged 35 to 49 often are in their peak earning years and can afford to buy a larger home with more amenities, referred to as move-up housing. Empty nesters are usually between the age of 50 and 64 and many of them may decide to downsize to a smaller housing unit, as with younger seniors, (between the ages of 65 to 74). This choice may include renting a multi-family unit, purchasing a lower-maintenance multi-family housing product such as a condominium or townhome, or purchasing a home in a retirement community. Older seniors (74 and above) may begin to require some level of assisted housing. These generalizations make fairly broad assumptions concerning where a person may chose to live during various points in a lifetime. These generalizations are sufficient to identify the variety of housing choices necessary to allow residents the option of living in Lino Lakes their entire lives, and to provide the opportunity for their children to do the same. Senior Housing Currently, the City of Lino Lakes contains one senior housing development, Cottages of Willow Ponds, an affordable rental project completed in 1996. The City’s Economic Development Authority provided Tax Increment Financing for the project. The development is located on Elm Street, and includes 12 buildings of four units each, for a total 47 units and one shared common area. Vacancies within this senior housing development have been very limited since its completion. As the community ages there will be an increase in demand for smaller, low maintenance housing in the community. This demand might be accommodated through a variety of townhouse styles or condominiums in mixed use settings. Empty nesters are a particularly active group on the younger end of the senior age range and locating developments near some of Lino Lakes’ natural amenities will be enticing to this group. As part of the implementation of the Comprehensive Plan, the City will cooperate with developers or other agencies to assess senior housing needs in the community. Affordable Housing Housing Cost The cost of housing is an increasing concern throughout the Metropolitan region. Housing costs directly influence one’s ability to rent or purchase a home in the community, and can also affect the ability of local employers to find workers. The cost of housing is influenced by the cost of land, labor, materials, community regulations and fees and interest rates. In Lino Lakes, the large supply of land benefits the community in terms of relatively lower costs. However, as municipal services are expanded, fees for development will increase. These fees, although paid by the developer initially, are included in the cost of the unit. Concern over the rising costs of housing affects businesses. Many employers view affordable housing as a benefit to the city, as most workers desire to live in the same community where they work or in a nearby community. With the substantial increase in employment anticipated for Lino Lakes in the next 20 years, affordable housing for workers will be a critical issue. Balancing Community Housing Needs with Environmental Protection Protection of the city’s natural resources has been, and will continue to be, a critical factor in development and growth decisions. However, balancing community housing needs with environmental protection measures is challenging for many communities. The City of Lino Lakes has effectively used conservation subdivision techniques to preserve valuable natural resource areas in recent years. However, because land costs for common open space areas are passed on