05-25-2023 PRF Packet - Laserfiche WebLink

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Item 06A Page 3 of 4 The Council and Commissions should discuss how the community may benefit from this project, thereby justifying the use of a PUD, vs. R-1 and R-3 zoning. Strategic Plan Strategy/Goal: Continue BR&E program, maximize utilization of development space and updated list of available sites, & consider residential redevelopment. Financial Impact: To be determined. The City/EDA own 6 of the 13 parcels involved. In the developer's narrative, Pulte is subsidizing the YardHomes project by $200,000, and is requesting that the EDA take this into consideration in order to keep the YardHomes project affordable (e.g. $200,000 subsidy). Most of the city's parcels were acquired by Tax Forfeiture. The City Attorney is reviewing the parcel's Title reports regarding the city's costs to-date, and the process the City/EDA will need to go through to sell the land to Pulte. As part of the plat, the City may require Park Dedication up to 10% of the land, or fees up to $3,500 p/unit ($304,500). In the developer's narrative, townhomes will average $400,000, and YardHomes $200,000. 2022 property taxes would be $5,230 ($1,447 to Mounds View) for townhomes, and $2,418 ($660 to Mounds View) for YardHomes. 87 homes combined, this is $421,266 ($116,445 to Mounds View). Recommendation: Staff recommends that Commisioners ask questions, and provide comments and recommendations individually. There is no formal action. The developers will take these comments into account, and will submit applications in mid-summer. This project provides two housing types missing from Mounds View: expensive townhomes, and affordable single-family homes (tiny homes). The most recent townhome project, the 72-unit Red Oaks Estates 3rd Addition (1974 - 2019), has values between $200,000 - $325,000. There is nothing similar to YardHomes other than manufactured homes, which have values between $6,000 - $72,000 in Mounds View. Additionally, the project has the potential of restoring Ardan Park to a smaller version of Silver View Park, with a circular trail around the wetland, and other amenities that may be missing in the north end of town. A public-private partnership investing in Ardan Park as a focal point of the community is what PUD's are intended to do, but have seldom done (not every PUD project is next to a park). The most similar project(s) are H2 Flats (Scotland Green) in 1972, and Silver Lake Woods and Silver Lake Condominiums (1980's). These pre-date the PUD ordinance. Respectfully, Cat•S19 Jon Sevald, AICP Community Development Director