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04-07-1997 WS
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04-07-1997 WS
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6/28/2018 2:18:22 PM
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MV City Council
City Council Document Type
City Council Packets
Date
4/7/1997
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the rehab alone which equals $75,000 per unit. As a comparison, Woodlawn Terrace Apts <br /> recently invested $850,000 in the interior renovations of over 100 units. Staff perspective is that <br /> this significantly improved Woodlawn Terrace with only $8,500 per unit investment. The <br /> proposed land use is in line with SRF Consultants proposal. They concur that a commercial use <br /> • would be very difficult to achieve due to the difficulty in accessing the site from Highway 10 and <br /> that removing the Apartments is not economically feasible. MSP Real Estate has a track record <br /> in Mounds View with the development of the Silver Lake Pointe Apts. They will be the owners <br /> of the development and will contract with an on site professional management company. <br /> Staff is interested in direction regarding the Council's desire for this use prior to investing <br /> additional time in evaluating the request for tax increment assistance and preparing for a PUD <br /> rezoning. <br /> • <br /> • <br />
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