Agenda Packets - 2018/04/02 - Laserfiche WebLink

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MovNns V! AW Item No: 02 A. Meeting Date: April 2, 2018 Type of Business: Work Session Administrator review: a City of Mounds View Staff Re ort OF - To: Honorable Mayor and City Council From: Brian Beeman, Business Development Coordinator Item Title/Subject: Discuss Norhart Homes Market Rate Apartment Proposal Introduction: Norhart Homes is a company who has apartment's buildings in Forest Lake and Blaine. The Blaine apartments are called the Emberwood Apartments and the proposed Mounds View apartments would be similar. The company started small and has become more sophisticated by growing into constructing larger multi -family apartment structures. Background: Norhart Homes met with City staff and discussed their ideas to build two higher end apartment projects in Mounds View. If the City allows the developer to build at the Arden Park site then the developer is committing to improving the trail system, constructing a dog run, and allowing a space for public parking to serve like a trail head. Please see the Legacy Apartments Letter. (Attached) The developer is proposing an approximately 180 unit Class A 4 -story apartment building with heated underground parking, in -unit washer & dryer, private balcony, granite countertops, modern shaker style cabinets a walk-in closet in all master bedrooms, fiber optics for smart home technologies, a central space for a large work out facility, yoga studio, on-site staffing office, lounge area, fireplace, and game room. The outdoor amenities include a hot tub, grilling area, and lounge space, dog run, car wash and pet wash in underground heated garage. The exterior will be constructed of high quality materials, privacy fence along the back and side of the property to act as a buffer for the nearby neighborhood and park, on site indoor storage available, advanced package management system for tenants. They would offer competitive pricing to compete with similar luxury -style apartments in the surrounding area. Discussion: Hear a presentation (attached) by Newhart Homes concerning their proposal to construct two apartment buildings. Their first choice for location is the five parcels east of the Bel - Rea, however they have run into some resistance from property owners. Their second location is in and around Arden Park. The developer will provide more details during the Worksession. The developer may be asking for a public subsidy. This could be in the form of a land write-down, TIF, Tax Abatement, or some combination thereof. Recommendation: Hear and discuss the developer presentation and overall project both pros' & cons' then provide City staff direction. If the Council decides by consensus that the project should move forward and is generally supportive of relocating or eliminating the compost site then staff will work on a preliminary development agreement for the Arden Park site. The developer has indicated that he may request TIF for the project. If the Council is generally supportive of using TIF for this project then staff will move forward in obtaining a financial analysis from Ehler's.