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� � ;�. � �,, ,� � � �� �� � <br />�, � ,i <br />. . , �; °� <br />EDA <br />Meeting No. 9 <br />Page 3 <br />November 14, 1994 <br />through the Minnesota Finance Agency for tax credit financing <br />and that this project received more tax credits than any other <br />senior affordable housing project in the State of Minnesota. <br />Huggett commented that 85 people had already signed an <br />interest list to rent in the building and only 83 units were <br />being built. <br />At the time the project was started, interest rates were at <br />9%. Those rates are now in the 10% to 10-1/2% range and <br />Huggett said the rental rates of the affordable units would <br />remain around $490 for a one-bedroom to $590 for a two-bedroom <br />unit< Market rate units would be higher than that. <br />Huggett commented that numerous wetland issues were brought <br />up. Those issues have all been resolved and the Rice Creek <br />Watershed District (RCWD) issued a permit in August. <br />Skip Sorrensen, the project architect, used an overhead <br />projector to show the layout of the proposed project. He <br />pointed out the locations of the new sidewalks and trees to be <br />planted along the boulevard. The entire site will be sodded <br />and will have an irrigation systeme <br />The entrance into the underground parking will occur off <br />Mounds View Drive. That elevation is about 4� lower than the <br />existing street so there will be a gradual decline going in <br />with an electronic garage door opener. <br />Commissioner Trude pointed out an area west of the buildingo <br />Sorrensen explained that on April 27, that area was delineated <br />as a wetland by the surveyor indicating that no encroachment <br />could be done in �he way of filling or building within that <br />wetland area. Neither the parking lot nor the building <br />encroaches on that wetland areae <br />Trude questioned exactly what area would be sodded. Sorrensen <br />explained that the sodded area would occur all the way to the <br />edge of the property line on three sides and about two-thirds <br />of the way on the north side of the site. There will be tree <br />plantings along the wetland area as well. <br />Huggett explained that one of the requirements of the Rice <br />Creek Watershed District was that the wetland area be improved <br />and upgraded. <br />Sorrensen pointed out the driveway location coming into the <br />garage off Mounds View Drive, and indicated the averhead <br />garage door is 16' wide. A staging area will be provided <br />outside the garage door for the weekly pick up of refuse <br />