11-14-1994 - Laserfiche WebLink

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EDA Page 2 • Meeting No. 9 November 14, 1994 A. Consideration of Resolution No. 94-EDA17 Approving Construction Plans for the Silver Lake Pointe Project Cathy Bennett, Economic Deve.opment Coordinator, reported that per Section 3 . 3, Constructign Plan, of Development Assistance Agreement for the Silver Lake Pointe Project, the Authority shall approve the Construction Plans if it determines that they conform to the applicable provisions of the Agreement. Such Construction Plans mulpt be rejected in writing by the Authority within ten working days of submission or shall be deemed to have been approve by the Authority. The full plans were submitted to the City's building department on October 31, 1994 and the attached resolution fulfills the requirement for the Authority to approve the Construction Plans for the Silver Lake Pointe Project within the ten working days of submission. Bennett said she had included a memo for review from Building Official Rick Jarson which outlines the required changes to the plans to conform with the City's building codes. She noted that per Section 3 . 3, approval of the Resolution 94- • EDA17 does not in any way approve the building permit process with the City's Building and Engineering Department. The resolution is to approve the design and configuration of the project as it was understood in approval of the Development Assistance Agreement. Jeff Huggett of MSP Real Estate explained that the project started back in January or February when he met with Samantha Orduno, City Administrator, and Paul Harrington, Community Development Coordinator. Shortly after that, application was made to the City Council for the tax increment financing and rezoning approval of the project. Huggett said their final plan which was approved by the EDA, was an 83 unit, three-story project with underground parking of 66 stalls. He stated that they are building 83 units in the ratio of 50 one-bedroom units and 33 two-bedroom units. They have achieved 73 underground parking stalls and the same amount of on-site parking stalls that was previously approved by the EDA Board. Another requirement of the EDA was to have a minimum of 59 affordable dwelling units within the project. Huggett stated that, based on financing that was obtained, 70 affordable units will be available out of the 83 total. The amount of brick on the project was another concern of the EDA and 41/1 Huggett said the amount of brick was now at 50% on this project. He reported that construction plans were submitted