09-12-2022 EDA - Laserfiche WebLink

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Mounds View EDA August 22, 2022 Regular Meeting Page 2 Assistant City Administrator Beeman stated Jared Ackmann with Reuter Walton Development had 1 a presentation for the EDA. 2 3 Jared Ackmann, Reuter Walton Development, explained he was proposing to construct 130 units 4 workforce housing and 130 units of market rate housing southeast of the Bel Rae building on a 5.5 5 acre parcel. Further discussion ensued regarding the fact he now had land under contract for this 6 project. The two phases of the project were described and it was noted both buildings would be 7 four stories high. He explained he would be pursuing low income housing tax credits and TIF to 8 assist with the financing of these projects. In addition, he would also be pursuing conduit bonds 9 for this project. He commented on other projects he had completed in the metro area noting his 10 company has been around for the past 17 years. The amenities that would be included within the 11 buildings was further discussed along with the proposed unit mix. He reported there was a housing 12 shortage for both market rate and workforce housing in the metro area. 13 14 Paul Keenan, Vice President of Development for Reuter Walton Development, stated many 15 developers have been pursuing this land. He commented on how he would continue to work to 16 assemble all of the lots for the market rate project. 17 18 Commissioner Hull asked who would manage the properties. Mr. Keenan reported Michaels 19 would manage both buildings. 20 21 Commissioner Meehlhause questioned who would be the architect for this project. Mr. Keenan 22 stated Caswell would be the architect for this project, which was the same architect used for the 23 Bel Rae building. 24 25 Commissioner Meehlhause requested further information on the proposed rents. Mr. Ackmann 26 discussed the proposed rental rates for the workforce and market rate apartments. 27 28 Further discussion ensued regarding the conduit bond financing. 29 30 President Mueller requested further information as to how the affordable units would be broken 31 down within the workforce housing building. Mr. Ackmann explained 10% of the units (13 units) 32 would be set aside for 30% AMI and the remainder would be at 60% AMI. 33 34 President Mueller questioned how many underground parking spaces there would be. Mr. 35 Ackmann stated the plans currently show 125 underground parking spaces. He noted he would not 36 be charging for the underground parking spaces. 37 38 Mr. Keenan commented on how he would be working to gain control of the three remaining parcels 39 for the market rate development. 40 41 President Mueller questioned what the length of the TIF term would be for a project like this. 42 Assistant City Administrator Beeman stated the TIF term could be up to 26 years for this type of 43 project. 44