1998 Planning Commission Packets

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In 1985, the Metropolitan Council looked at the effect of changing demographics in the Twin City area housing market. The population of the area is expected to grow by almost five percent between 1990 and the year 2000 and by over 16 percent between 1980 and 2000. The major demographic changes are due to the aging of the baby boomers, who will be between the ages of 20 and 54. Large increases in the middle -age and empty - nester categories are projected; and corresponding large decreases in the adult categories between the ages of 20 and 34 are also projected. An average of 7,000 new housing units a year are projected between the years 1990 and 2000. The impact of projected demographic trends on housing includes a large decline in the typical renter and first-time home buyer age groups, and continued increases in the older housing age group. The empty - nester category is projected to grow by 32.3 percent between 1990 and the year 2000. The growth will result in increasing demand for housing alternatives such as the senior housing cooperative. (Sources: "Looking Ahead at Housing" The Effect of Changing Demographics on the Twin Cities Area Housing Market, "A Report of the Metropolitan Council, September, 1988; "Housing Markets in 2000: Prototypes of the Region's Communities," A Re ort of the Metro olitan Council, 1989.) The Project is designed to respond to the demand for life -cycle housing created by the changing demographic trends cited by the Metropolitan Council and City of Mounds View. Empty nesters and people of retirement age will find the development a convenient and desirable alternative to single - family home living. Amenities and services provided in conjunction with the development are designed to attract and retain this market niche; including the provision of common maintenance of buildings and grounds. In addition, the basic, single -level floor plan is convenient and accessible for residents with mobility constraints. Increasing demand for this housing product has been demonstrated in Mounds View and surrounding communities. In fact, the majority of prospective buyers will come from existing residents within five miles of the site. VIII. SUMMARY OF RATIONALE SUPPORTING APPROVAL OF PUD PLAN AMENDMENT The following is a summary of the rationale in support of the Project: 1. The Project provides affordable senior housing in an area of the City that is best suited for this type of development. 2. The Project meets a clear demand for housing alternatives for an aging population. 3. The Project is in a location that is close to services required by seniors who will be eligible to purchase ownership in the housing cooperative. 4. The Project will provide open space in conformance with the City's plans for the PUD, 9.