09/10/2012 Council Packet - Laserfiche WebLink

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• 1 2 3 CITY COUNCIL SPECIAL WORK SESSION DRAFT CITY OF LINO LAKES MINUTES August 27, 2012 4 DATE : August 27, 2012 5 TIME STARTED : 7:00 p.m. 6 TIME ENDED : 8:05 p.m. 7 MEMBERS PRESENT : Council Member Stoesz, O'Donnell, 8 Rafferty, Roeser and Mayor Reinert 9 MEMBERS ABSENT : none 10 11 Staff members present: City Administrator Jeff Karlson; Community Development 12 Director Michael Grochala; Economic Development Coordinator-Mary Alice Divine; 13 Public Safety Director John Swenson; City Clerk Julie Bartell 14 15 The special meeting was called for the purpose of discussing economic development. 16 17 Dominium Development- Economic Development Coordinator Divine introduced 18 representatives present from Dominium, a development company: Chris Barnes, Nick 19 Anderson, and Mark Cook. They will be presenting information on a concept they have 20 for the Legacy at Woods Edge area (written information distributed). 21 22 Mr. Barnes gave background on Dominium, the company and its history including • 23 managing and owning the Lino Lakes Lakewood Apartments. He focused on the 24 company's strategy of staying in for the "long haul ". Information was presented on their 25 holdings, many in the Midwest region and much in the order of affordable housing. They 26 have a history of using the best possible materials in their projects and for being good 27 neighbors in the community. 28 29 Mr. Anderson then focused on Lakewood Apartments -and their desire to repeat the 30 - success there by developing -some affordable townhomes. Tax credits would -be an 31 integral part of the financing for such a project and applying for those credits requires a 32 _certain schedule. A strong tax credit applicationxo the state would include city support, 33 either through financing or concept support. They've done some very preliminary site 34 -plan work and are also open to the concept that is already in place for the site He also 35 reviewed Dominium projects that would be similar. Council Member Roeser received 36 additional information on income levels for affordable rental housing. The council and 37 representatives discussed management policies and the company's discipline in that area. 38 This proposed development would probably be in the range of 40 to 50 rental units. 39 40 The council and the developers discussed possible financing tools. The developer 41 representatives noted that tax credit applications would be due in May 2013 and, before 42 submitting an application, they would need an option on the property. They do not do 43 construction but have a bidding process to hire a general contractor. The developers • 44 45 explained their company's normal holding process - properties are generally built, managed and held for 15 to 30 years and then capitalized.