09/22/2004 Council Packet - Laserfiche WebLink

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• HARTFORD UP K INC. Real Estate Development . Architecture • Engineering LEGACY VILLAGE AT WOOD'S EDGE RESIDENTIAL DEVELOPMENT SUMMARY The Hartford Group, Inc. and the City of Lino Lakes have been working cooperatively to create an acceptable mixed -use plan for the eventual development of the Legacy Village at Wood's Edge. For residential housing, the approved plan requires the following: • Total residential development will not exceed 450 -units • Affordable housing is required for 20% of the total units • Maximum percentage of rental units will not exceed 49% • Owner occupied housing may increase based on market conditions • The general area designated for townhomes will be owner occupied housing MARKET FEASIBILITY Hartford Group retained Dahlgren, Shardlow and Uban to conduct feasibility studies relating to the market for mixed -use products within the Legacy Village development. Additionally, we have reviewed information and studies from Anoka County and Health Planning and Management Resources. These studies have established the general parameters for product types for the development. AFFORDABLE HOUSING In July, 2004, an affiliate of the Hartford Group submitted an application for Low Income Housing Tax Credits (LIHTC) to the Minnesota Housing Finance Agency (MHFA). The proposed location of the development is Site 10, which includes 60 units located above first floor retail or commercial. The MHFA is now reviewing applications and will advise applicants of the status of requests in October, 2004. If LIHT credits are approved, the development is projected to begin in 2005. Construction will be completed in approximately one year. To fulfill the remaining obligation for affordable housing, a similar application for approximately 35 -55 units will be submitted to the MHFA in July, 2005 for potential construction in 2006. An affiliate of Hartford received the 5th largest LIHTC grant in 2003 from the MHFA for affordable housing at the Legacy Village of Maplewood. Construction will begin in fall, 2004 for this affordable housing development in Maplewood, MN. HARTFORD GROUP, INC. • 12100 Singletree Lane, Ste 100 • Eden Prairie, MN 55344 -7933 (952) 746 -1200 • Telephone www.hartfordgrp.com (952) 746 -1201 • Fax