08/02/2018 EDAC Packet - Laserfiche WebLink

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Ms. Schwartz suggested involving the community for logo and tag line suggestions. B. Private Activity Tax -Exempt Financing Guidelines Conduit Box — state law allows City to issue bonds for some private entities, mostly non- profits that meet certain regulatory conditions. There is no risk to the City for issuance. Mr. Grochala asked if the City should promote this option? Mr. Cravaro asked about the 1% administrative fee. The City often has capacity to accommodate these requests when annual City bonding is under $10 million. Mr. Ruhland asked how often the $10 million cap is reached. Mr. Grochala stated about every 5 years. The Board voted unanimously to recommend use of this opportunity. C. Project Updates Lyngblomsten City Council was supportive of the project and Lyngblomsten will be submitting and application for PUD Concept Plan Review in June. The group will also be setting up a neighborhood meeting as part of the process. The concept plan does not currently include the corner. The City may need to help facilitate possible redevelopment of the corner lots. The City engineer is working on plans for the extension of utilities to the site. Mr. Ruhland asked about the construction time line. Mr. Grochala stated the main building would take about a year to construct. The whole project would likely buildout over 2-3 years. Lyngblomsten is still deciding on whether to rent or sell townhomes. Watermark Grading is proposed to begin on southern part of the property in 2 weeks. The master plan includes a total of 864 residential units. Mr. Colgan asked about the staff capacity. Mr. Grochala stated the City is including a building inspector in 2019. Ms. Schwartz asked if there was any interest from businesses because of the increased housing. Mr. Grochala stated that he does not know of any peaked interest specifically because of the increase in housing units within the City. However, several developers have inquired on the status of the Watermark project. ADJOURNMENT The meeting was adjourned at 8:53 A.M.