01-09-2023 EDA - Laserfiche WebLink

Home Browse Search

this comment and have revised our site plan to better reflect what this could look like. Please see the attached revised site plan. We have made a couple of other minor revisions to help illustrate how this neighborhood could look and feel. 3. What investment are you making in our community? — Depending on the assumptions made, we anticipate investing more than $33M into this new neighborhood. The taxable market value of the proposed development is estimated to be more than $40M. It should also be noted that although the Pulte headquarters is outside of Minnesota, all our employees that work in the Twin Cities are based and live in the Twin Cities. Also, our trades are substantially based here in the Twin Cities as well, like all builders. It is estimated that for every home we build, four full time jobs are sustained. 4. One of our goals is to maximize tax revenue generated from this development — In response to this comment, we have created an initial high-level estimate of the City tax revenue to be generated from this neighborhood. We estimate the townhomes and YardHomes to generate about $170k in annual City tax revenue. • 96 townhomes with $400k average sales price leads to $1,517/year to the City = $145,632 • 9 YardHomes with $200k average sales price leads to $692 = $6,228 • Total = $152k/year (using the League of MN Cities property tax calculator) 5. There is a concern about high groundwater— All of the homes proposed by Pulte and YardHomes are slabs on grade with no basement. This type of design should alleviate concerns about potential high groundwater levels. 6. A potential concern was expressed about private streets —Currently, private streets are standard for attached townhomes. Pulte designs private streets using City street standards and by creating HOA budgets which incorporate the replacement cost of all HOA maintained infrastructure including private streets. These standard practices have enabled the use of private streets to be common, practical, and sustainable. However, if the City Council is not comfortable with private streets, we'd be happy to design and construct public streets. The tradeoff is that the number of homes and tax revenue will be reduced. It is our hope that the above comments are helpful. We are confident that our team and key stakeholders within Mounds View can deliver an exceptional housing development. We remain very excited about this collaborative opportunity and it is a high priority for us. There is no doubt this can expand owner -occupied housing choices for existing and future residents and enhance the vitality of Mounds View and its reputation as a regional destination to live, work and play. We look forward to working with you. Sincerely, 4 Pulte Homes Paul Heuer, Director of Land Planning & Entitlement Encl Revised site plan • Page 3