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EDC Minutes <br />December 16, 2016 <br />Page 3 of 6 <br />Beeman mentioned that Sherman and Associates, after hearing that the Council did not <br />desire an 80% affordability project decided to also back away from their plans at <br />Crossroad Pointe and said that if the Council decides to change the vision to allow for <br />more affordable housing, then they would be interested. However, until then, they would <br />need to back away from the project. According to the Stantec report, the median income <br />for residents in the Mounds View area is below the national average and therefore, the <br />market for an all market rate apartment project is not feasible. The current demand in the <br />area is for Senior and Affordable Housing although, those market trends could change. <br />Chair Helgemoe asked if any other developers have shown interest. Beeman said, he <br />has received several inquiries but nothing serious. He has received calls from <br />developers wanting to put in a retail strip mall, more senior housing, and even things like <br />a day care facility and restaurants. Commissioner Rieland asked if there was still a <br />demand for more senior housing even with the Bel -Rae Senior Living facility being built. <br />Beeman said according to a very reputable senior housing developer, they have <br />conducted their own market studies and they have stated that even with the Bel -Rae <br />facility being built; the demand for more senior housing is very strong. Beeman said that <br />more senior housing didn't seem to fit the vision for the Council. Commissioner <br />Stevenson thought that possibly more senior housing could replace the 20% affordable <br />aspect in a Housing Tax Credit situation. Commissioner Freichels didn't think a <br />developer could designate the 20% to only seniors. He thought it would need to be open <br />to anyone that qualified. Commissioner Rieland said the seniors could help support the <br />retail concept. <br />Beeman said that Sherman & Associates was proposing a mixed-use concept that would <br />have both market rate and affordable and some retail units on the main floor. He <br />mentioned that The Beard Group has a similar concept proposed at one time although; <br />theirs was more directed towards the Millennials and some empty nesters. Freichels said <br />what he got out of the Council Work session is that since the City owns the property, we <br />have plenty of time to wait and get what we want and we have the ability to be more <br />flexible. Helgemoe asked if the wait and see approach would be beneficial because of <br />the Rice Creek Commons development. Beeman said, that is one way to look at it. He <br />said if we wait then we may be able to attract a nice development to the site because of <br />the regional influence and interest with so many developers wanting to get in on the <br />action. <br />Business Retention & Expansion Visit (BR&E) Updates <br />Next Beeman updated the Commission on the business retention and expansion efforts. <br />Beeman informed the Commission that most of the near 150 businesses have been <br />visited. The remaining businesses have wished not to participate. Beeman said this is <br />their choice and he can respect that. Some have not participated because their main <br />corporate offices are out of state and they don't see the point in a BR & E visit if they <br />can't make decisions at the local level anyway. Others would rather remain silent and <br />have sensitive proprietary equipment and therefore, they would prefer not having <br />visitors, especially from a governmental organization. <br />Beeman said that since he has visited every company except for a half dozen or so, that <br />his plan for next year is to revisit a few of the larger companies and not conduct a full BR <br />