Agenda Packets - 1997/04/28 - Laserfiche WebLink

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Item No. II E Staff Report No. 97- .2073 C . • Meeting Date: April 28, 1997 Type of Business: CB WK: Work Session;PH:Public Hearing; CA:Consent Agenda; CB:City Business City of Mounds View Staff Report To: Mayor/ Council Members From: Cathy Bennett, Director of Economic Development Item Title/Subject: Consideration of Resolution No. 5111 Supporting Subsidized Housing Units in Mounds View as part of the Silver Lake Commons and Consideration of Resolution No. 5112 Supporting the Ramsey County's Allocation of Home Funds to MSP Real Estate for the Significant Rehabilitation of 40 Apartment Units Located at 2665 Highway 10 Date of Report: April 24, 1997 As discussed at the April 7, 1997 work session, MSP Real Estate (MSP) is interested • in the rehabilitation of Red Oak Apartments located at 2665 Highway 10 in conjunction with the development of 26 new affordable townhomes. The entire development is being referred to as Silver Lake Commons (SLC). There are two resolutions before you in relation to the SLC. The first resolution is to support the allocation of Ramsey County Home Funds for the Rehabilitation portion of SLC. MSP representatives and I met with Ramsey County this week to discuss the project and the following is a summary of our discussions. MSP requested in excess of $400,000 of assistance from the County for both the rehab of the existing buildings and the new affordable units. Since Mounds View's goals for the Metropolitan Livable Communities Act states no new affordable housing (see attached), Ramsey County is unable to allocate any funds for the new development portion of the SLC. However, they are very interested in supporting the rehab portion and are willing to set aside approximately $5,500 per unit or $220,000 to the SLC for a maximum of six months. If the project is not approved within six months, the funds will no longer be held for Mounds View. The Ramsey County Board will take action to dedicate the estimated $220,000 to Mounds View for the rehab on the SLC project the first week in May. Without the . City's support for the set aside of these funds, it is likely that the request will not be approved.