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Item 08D <br />Page 7 of 10 <br />Strategic Plan Strategy/Goal: <br />Continue BR&E program, maximize utilization of development space and current list of available <br />sites, encourage land owners to maintain their properties, & consider residential redevelopment <br />Financial Impact: <br />The project is estimated to cost $29 million ($241,000 p/unit). The Developer is requesting Tax <br />Increment Financing (TIF) of $1.77 million. If TIF is approved by the EDA, the owner will <br />continue to pay property taxes on the 2021 value of $699,800. ($5,249 annual property taxes). <br />TIF will run through 2049, or until $1.77 million is reimbursed to the owner (whichever occurs <br />first). <br />Because the project is senior housing, it is not anticipated to contribute additional impacts to <br />ISD 621. The project is anticipate to impact municipal services, e.g. police and fire. <br />Planning Commission Recommendation: <br />The Planning Commission recommended approval (Resolution 1141-21). The Commission had <br />extensive discussion that The Villas will not be limited to residents 55+, but that only the <br />leaseholder be 55+ (e.g. can be resident 55+, with children), in addition to other topics <br />mentioned in this report. <br />Staff Recommendation: <br />Staff recommends approval, with conditions. A revised Preliminary/Final Plat was submitted on <br />November 2, 2021. Review is on -going related to stormwater management, and Certificate of <br />Title. It is Staff's intent that once all plans have been revised and approved administratively, <br />Staff will prepare a PUD Narrative. The intent of the Narrative is to serve as a cheat -sheet of <br />what code deviations were approved. <br />A Public Hearing Notice was published by the Shoreview Press on November 9, 2021, and <br />mailed to property owners within 350' of the subject property, and to property owners along <br />Mustang Drive, Mustang Circle, and Townedge Terrace (manufactured home park). <br />Respectfully, <br />�eQX <br />Jon Sevald, AICP <br />Community Development Director <br />ATTACHED <br />Site Photos <br />Resolution 9497 <br />Parking Survey <br />Project Narrative, October 4, 2021 <br />Plan Set, October 4, 2021 <br />Application Application Complete 60-Day 120-Day <br />Oct 4, 2021 Oct 4, 2021 Dec 3, 202121 Feb 18, 2022 <br />21 The 60-Day review period has been extended to 120-Days, per MN Statute §15.99, Subd 3(f) (Application <br />Extensions). Notice was provided to the Applicant on October 22, 2021. <br />The rviuunus view vimun <br />A Thriving Desirable Community <br />