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EDA Page 3 <br /> • Meeting No. 9 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 peope 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 onq-bedroom to $590 for a two-bedroom <br /> unit. Market rate units wduld 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 /> 1111 and will have an irrigation system. <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 building. <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 the way of filling or building within that <br /> wetland area. Neither the parking lot nor the building <br /> encroaches on that wetland area. <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 overhead <br /> 4111 <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 />