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04-24-1997
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04-24-1997
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MV EDC
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Minutes
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<br /> <br /> <br /> <br /> <br />B. Discussion of Proposals for City Owned Property on Highway 10 located in <br />Section 9 of the Highway 10 Redevelopment Plan <br />Bennett explained that MSP Real Estate, the developers of the Silver Lake Pointe <br />Senior Apartments, are interested in the rehabilitation of Red Oak Apartments <br />and the construction on 26 new townhomes at the corner of Eastwood and <br />Highway 10. The City EDA owns approximately .6 acres located on the corner of <br />Highway 10 and Eastwood. All of the units are proposed as affordable housing. <br />MSP is applying for TIF assistance, MHFA Tax Credits, Ramsey County Home <br />Funds and Minneapolis Public Housing Assistance through the Holman Decree. <br />Bennett asked the EDC to review how the project impacts the City=s goal for <br />commercial development in the area and a desire for no new rental housing. <br /> <br />Chairman Nelson noted concerns with additional rental housing in Mounds <br />View. He would like to see owner occupied units along with the rehabilitation of <br />Red Oak. Jeff Huggett explained that they looked at the financial feasibility of <br />owner occupied units in the area and that they could sell for an estimated <br />$85,000 per unit but that with the huge financial burden of the rehab and the <br />loss of holman funds and tax credits on the for sale units that they would need <br />an estimated $30,000 per unit subsidy for the project. Nelson noted that the <br />rehab is very needed as those apartments have been deteriorating for many <br />years. He supports the rehab but stressed strong management of the units. If <br />the City assists in the financing he would like to see City approval for <br />management changes written into the development assistance agreement. <br /> <br />Commissioner Carlson noted that the SRF study recommended that the best use <br />for the property was housing rather than commercial development due to the <br />access. She understands that this would not be a great location to develop for- <br />sale units. Carlson noted that this plan has merit but that there needs to be fine <br />tuning. In addition, Carlson felt that the financing structure needs to be <br />reviewed more closely. She felt that there was too much subsidy and not enough <br />equity in the project and that the developer fee was too high. Therefore she <br />could recommend that the use is appropriate but the financing needs work. <br /> <br />Commissioner Goff would like to explore other commercial options and <br />wondered if staff had more information regarding the commercial interest. <br />Bennett noted that she spoke to the owner of Mounds View Animal Hospital. <br />They are interested in the site but access off of Highway 10 is critical. They are <br />also looking at building on the South side of 10 next to TJB Homes. Bennett <br />contacted the owner of a funeral home in Minneapolis who had an interest in the <br />property but has not heard back from them. Both potential commercial users <br />were only interested in the City property. <br /> <br />Commissioner Sjoberg asked MSP why they were interested in this site. Jeff <br />Huggett explained that they were contacted by SRF Consulting since they are the <br />owner of Silver Lake Pointe Apts. In evaluating the purposes of the study they <br />felt that since they have expertise in improving distressed properties and they <br />already own property in the area that this would be a good project to pursue. <br />They have an interest in improving Mounds View to keep their existing <br />investment healthy. This is a complicated financing deal with a lot of risk but
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