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PP9olf Page 9 • April 28, 1997 Mounds View City Council 1 from the Minneapolis Public Housing waiting list. The second resolution would be in support of the Ramsey 2 County Home Funds for the rehabilitation portion of this project. If this resolution is not approved,the funds 3 would not be set aside for Mounds View. 4 5 Ms.Bennett explained that she has discussed other options with MSP in regard to the rental units,however 6 there is concern that it would affect the financial feasibility of the project. She has also contacted both a 7 commercial and residential developer to obtain their opinion of the site. The residential developer felt a 8 housing development would work on the site. The Commercial developer,however was concerned about the 9 condition of the existing apartment as well as concerns about access off of Highway 10 or Eastwood. 10 11 Ms.Bennett noted that the Economic Development Commission reviewed the concept for this project and 12 passed a resolution on a 6-0 vote as follows: 13 14 "General support for MSP Real Estate's concept proposal as it pertains to the rehabilitation of Red Oak 15 Apartments and construction of 26 new townhomes. This support is limited to the concepts and land use but 16 there needs to be further evaluation with regards to the management company and financial analysis. 17 Therefore,not comfortable with a recommendation to support the use of tax increment financing at this time". 18 19 She noted that the EDC requested that this item be brought back at the May meeting and directed the staff to 20 get some background regarding the management company and the information analyzed by our tax increment • 21 consultant. 22 23 Ms.Bennett reminded the Council that these resolutions would allow the applicants to enter the annual funding 24 cycle at the public agencies. 25 26 Ms.Bennett noted an amendment to Resolution No. 5111 and 5112. The final paragraph in Resolution 5111 27 should be changed to read, "NOW BE IT FURTHER RESOLVED,that between the City of Mounds 28 View,the Mounds View Economic Development Authority and the Minneapolis Public Housing Authority 29 " The final paragraph in Resolution No. 5112 should be changed to read,"NOW THEREFORE BE IT 30 RESOLVED,that the City of Mounds View,and the Mounds View Economic Development Authority 31 hereby endorse. . . . ". 32 33 Milo Pinkerton,President of MSP Real Estate explained that the present condition of the apartment complex on 34 the site is one of considerable deferred maintenance,numerous police calls,physical deterioration of the 35 parking lot,etc. The land next to the apartment site has been For Sale for a number of years and he feels part 36 of the problem in selling the land is the poor access to the site. He feels their proposal is of the quality that the 37 neighbors will want in that area. They have obtained resident input in the area and have taken their comments 38 into consideration. 39 40 Peter Bister,of PBDB Architects in Minneapolis presented a diagram of the proposed project. He provided 41 information in regard to the improvements to the existing building as well as descriptions of the proposed 42 townhomes. He also noted changes that have been made to the parking areas and more landscaping added. A 43 one-half acre play area was also added which borders Eastwood Road and will serve both the apartment 44 buildings and the proposed townhomes. 45 46 Jeff Hugget of MSP Real Estate discussed the input they had received from residents in the area. He noted that • 47 many were initially opposed to the proposal,but after obtaining further information,they were in favor of the