07-28-1997 EDA - Laserfiche WebLink

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City of Mounds View Staff Report July 25, 1997 fll) Page 2 History of Lard: 2625 idighway_10 which is located at the corner of Highway 10, County Road I and Eastwood Road, was purchased by the ED .," a evelopment purposes 1995. At this'time there Was a-building on the lot that was convextea 54 ,a'Dingle family hoxne,to i plex. Prior to 1995,the condition of the house was unstable and Bete' if'ating. Activities inside theehouse:generated neighborhood disturbances which resulted in •several police calls and inspections. The owner proceeded to improve the house,and convert the rooms to be rented.as a triplex. The" interior work was primarily complete:but the City,of Mounds View code required that the riveway be paved arid garages be provided for the tenants. The owner was unwilling to makethese improvements and decided to sell the'property. After several mon of negotiation,the EDA purchased the land and" building for$125,000;with the intention of redev ping the property to.increase the. tax base and aesthetics of the lot. T based.on appraisals;that came in at$140,000 and$150, Therebaa purchaseprice was I, 000.� The appxaisals were"based on the current structure of the home as a triplex and the current zonin 'of theas R»3, The'EDA"then proceeded.to:demolished the building�at an expense of$6,600, property It"was the initial.intention of the EDA to rezone the lot for a commercial use. In an effort to identify a user for these lots, the Economic Development Coimnissiork was directed to ,prepare and"mail'Requests •`for Information to developers.for suggestions,on uses for the property: 'Tie request,was distributed to over 25 local'developers in Deceinber of_1995..The Request ditd,not generate any" interestt in a commercial use for the area. Since then staff received inquiries regarding the lot for a funeral home' gip and animal hospital but access on Highway 10 was critical. In an'effort to reevaluate this section of Highway 10 and the issues:involvedwith the' . ..properties-located on both lidos of the Highway,the EDA approved a study which was completed by SRF"Consulting in early 1997, the resuilts,of study concluded that the EDA owned property'as afree-standing P is uestionai le in light of. the ro E� q. traffic access.limitations and that the contribution of the EDA property to die vitality and character of Section 9-will not be significantunless it is combined with the vacant pro and a.shared access off Hx wa "10 with the Apartments: properties ngabrecommended,og on the west throughtheir �` yE Further,SRF Consulting eir study,that the preferred alternative would be for the EDA to`facilitate a major renovation of the Apartment,secure town home:or Other medium density residential configurations on the EDA owned land and vacant land to the west and create a shared access point off Highway 10 for these parcels. (Attachment A:excerpt from Highway 10, Section 9 Study)` .C-Proposed JI' jeGt t Stlyer,X.4ice:conInQI3g The EDA, Planning Commission, Economic Development Commission and Staff have been evaluating a proposal from MSP Real Estate for the significant rehabilitation of Red Oak Apartments and the development of 16 new townhomes This project is referred to as Silver Lake Commons The proposal. addresses the existing deteriorating condition with the Red Oak Apartments and creates.,more of a community by incorporating the development of 16 new townhomes,a large playarea,community room,new garages, on-site management office,new fencing and increasett landscaping The.rendering from MSP shows a completely new look for the Red Oak Apartments that will match the architectural style of the new units. The:projectkhas. one access point off Highway 10 with" no access onto Eastwood but an area for safer school bus pick-up and drop-off: . - , ,. The existing units are all 1 and 2 bedrooms and the nevi,units will be 3 and,4 bedrooms. All of the.. units are for people who earn less than 60%of the median income which is categorized under State guidelines as affordable housing. These income levels range froman.estimated$20,000 j'$40,000