12/18/2000 Council Packet - Laserfiche WebLink

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CITY COUNCIL WORK SESSION SEPTEMBER 20, 2000 • Council Member Carlson asked if there is the possibility for a three -(3) party partnership • • to purchase the property. Mr. Fefercorn advised a three -(3) party partnership is an option that should be explored. Mr. Duffy stated that his company is in the rental housing business. He stated he has provided a booklet that is available. He stated his company can only do one component of the project. Mayor Bergeson stated there is some concern regarding the rental property and how it will develop. Mr. Duffy stated he does not yet have all the numbers and dollar figures. A market study has not yet been done on rental housing in this area. He stated he believes there is a need for it. The City must decide what density level it will allow. There is the possibility of 16 -20 units per acre. He stated that his company typically bids the contracting out. Council Member Dahl asked if Mr. Duffy would sell the :property to a management company or if his company will run the complex. She also asked if they will be involved with the senior housing. Mr. Duffy stated his company builds and owns the complex. He stated his company is a long -term holder of the property. He stated they would get involved in the community and is interested in senior housing. Council Member Reinert stated the Council has been told the project can not go above 75 units of senior housing because of a study. The Community Development Director stated the proposal is for 75 units. Without a study it is not known if there is the potential for more units. Mr. Duffy added he will do a market study when a purchase agreement is in place. Mayor Bergeson asked Mr. Duffy to comment on the concept of affordable housing. Mr. Duffy explained that affordable housing earned a bad reputation in the past years. It is now trying to earn back a good reputation. He stated the key to successful affordable housing is the management of it. He gave the definition of affordable housing noting that for the Metropolitan Council funding will be 50 — 60% of the median income and 20% of the units will be affordable. He noted the aspects of affordable housing that his company puts into place to make it successful. He stated his company builds affordable housing based on tax credits, deferred loans and grants. He noted he has six -(6) development within the Twin Cities and will provide a list of those development for Council Members. Council Member Reinert inquired about other residential options that can be developed.