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Mounds View EDA August 22, 2022 <br />Regular Meeting Page 2 <br /> <br />A. Reuter Walton Developer Presentation. <br /> <br />Assistant City Administrator Beeman stated Jared Ackmann with Reuter Walton Development had <br />a presentation for the EDA. <br /> <br />Jared Ackmann, Reuter Walton Development, explained he was proposing to construct 130 units <br />workforce housing and 130 units of market rate housing southeast of the Bel Rae building on a 5.5 <br />acre parcel. Further discussion ensued regarding the fact he now had land under contract for this <br />project. The two phases of the project were described and it was noted both buildings would be <br />four stories high. He explained he would be pursuing low income housing tax credits and TIF to <br />assist with the financing of these projects. In addition, he would also be pursuing conduit bonds <br />for this project. He commented on other projects he had completed in the metro area noting his <br />company has been around for the past 17 years. The amenities that would be included within the <br />buildings was further discussed along with the proposed unit mix. He reported there was a housing <br />shortage for both market rate and workforce housing in the metro area. <br /> <br />Paul Keenan, Vice President of Development for Reuter Walton Development, stated many <br />developers have been pursuing this land. He commented on how he would continue to work to <br />assemble all of the lots for the market rate project. <br /> <br />Commissioner Hull asked who would manage the properties. Mr. Keenan reported Michaels <br />would manage both buildings. <br /> <br />Commissioner Meehlhause questioned who would be the architect for this project. Mr. Keenan <br />stated Caswell would be the architect for this project, which was the same architect used for the <br />Bel Rae building. <br /> <br />Commissioner Meehlhause requested further information on the proposed rents. Mr. Ackmann <br />discussed the proposed rental rates for the workforce and market rate apartments. <br /> <br />Further discussion ensued regarding the conduit bond financing. <br /> <br />President Mueller requested further information as to how the affordable units would be broken <br />down within the workforce housing building. Mr. Ackmann explained 10% of the units (13 units) <br />would be set aside for 30% AMI and the remainder would be at 60% AMI. <br /> <br />President Mueller questioned how many underground parking spaces there would be. Mr. <br />Ackmann stated the plans currently show 125 underground parking spaces. He noted he would not <br />be charging for the underground parking spaces. <br /> <br />Mr. Keenan commented on how he would be working to gain control of the three remaining parcels <br />for the market rate development. <br /> <br />President Mueller questioned what the length of the TIF term would be for a project like this.