1998 Planning Commission Packets

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Financing of the housing cooperative is provided by members' equity (through their share purchases) along with a HUD insured 40 -year blanket mortgage or conventional mortgage for the project. Cooperative members are in effect their own landlords, thereby enabling the Cooperative to be built and operated at an affordable cost. The mortgage program requires each project to conform to constructions and operational standards established by HUD. A cooperative is a unique form of home ownership. The corporation holds title to the dwelling units and directly assumes the mortgage, tax and other obligations necessary to finance and operate the development. This relieves the individual members of any direct liability for those items. Members support the cooperative through their occupancy agreements. This eliminates the necessity for each member to be an individual mortgagee under the mortgage contract. The cooperative approach to housing has been successful largely because it provides a housing alternative very much like continuing home ownership. In cooperative ownership, the pride of its members results in a strong interest in maintaining the property and participating in shared management. The first senior cooperative housing project in Minnesota was "7500 York" in Edina. Occupancy of "7500 York" took place in October of 1978. Many of the original residents still reside at "7500 York." Cooperative housing residents normally occupy their apartments longer than renters do. They become better acquainted with their neighbors and learn to work together for the general good of the people and the building. Proposed Development Plan Realife Cooperative of Mounds View will consist of 77 cooperative living units in one three - story building (the Building). Underground parking is provided in 78 stalls. This is more than sufficient for the daily parking needs of all the residents since not all residents will own cars. In addition, surface parking is provided in 25 stalls in the center of the development site. Total parking on site exceeds the PUD requirement; at 103 stalls, the average parking is 1.34 stalls per unit. In addition, the cooperative will operate a mini -bus which will provide two round trips per day to and from local services, such as medical offices, shopping and public facilities. Finally, residents will have access to public transit, such as Metro Mobility, and local buses. Access and Traffic Characteristics Vehicular access to and from the development will be from Silver Lake Road. Two driveways will provided circulation in and out of the site, and into the underground parking area. The parking and circulation design incorporates an interior loop drive to accommodate emergency vehicle access to the Property. The Developer will work with the City's Fire Marshal and Engineer to develop the final parking design and access to Silver Lake Road. 4.