09/14/2005 P&Z Packet - Laserfiche WebLink

Home Search

AGENDA ITEM V.E.3 STAFF ORIGINATOR: Paul Bengtson MEETING DATE: September 14, 2005 TOPIC: Final Plan — Lakewood Apartments Legacy at Woods Edge BACKGROUND The Hartford Group has applied for a Planned Unit Development final plan for an apartment building with first floor multi- tenant retail within the Legacy at Wood's Edge project located on the southeast quadrant of Interstate 35W and Lake Drive. The final plan consists of the building plans for the apartment building as well as the final plat for the lot (Village No. 4). One of the goals of the mixed use downtown is to provide a variety of housing types and costs to meet life cycle housing needs that are not currently available in Lino Lakes. The development agreement between the Lino Makes Economic Development Authority (EDA) and Hartford Group, the developer of the workforce housing, .ncludes housing covenants. Those housing covenants include an affordability clause that requires that 20 percent of the housing units built on the development property as a whole must meet affordability requirements. Of that 20 percent, 67 percent must be rental units that meet the income and rent requirements for federal low - income tax credits. This 60 -unit workforce rental housing meets the 67 percent requirement. In addition, affordable rental housing must meet the following requirements: 1. The developer must retain an experienced, professional property manager, approved in writing by the EDA. 2. The management agreement must require that the manager will use resident selection criteria that include evidence that tenants have income to support their rental rate, rental history showing timely payment of rent, and criminal background checks. 3. The management agreement must include a plan for long -term maintenance and repair of the property. ANALYSIS Planned Unit Development Lakewood Apartments is located in a Mixed Use Land Use area and is located on Lot 10 and 11 in Block B. Acceptable Building Types are Commercial /Retail /Office/Housing. The proposed apartment building will include underground parking, first floor retail and apartments, and three additional floors of apartments for a •tal of 60 units within the four story structure.