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Item 08A Page 2 of 6 In April 2021, the EDA and MWF Properties entered into a Preliminary Development Agreement, including; (1) a 96-unit apartment building and (2) a 120-unit senior (55+) apartment building (both are affordable housing). One building to be on the motel site, and the other on the Bauer property. Since April, MWF and Bauer did not agree to a land sale. Thus, MWF is moving forward with a planned 120-unit senior apartment building at the Skyline site. The Preliminary Development Agreement includes a purchase price ($1,550,000), recognizes the need for public subsidies, zoning/land use approvals, and an escrow paid to the City to reimburse city expenses, and an expiration date of December 31, 2022. Separate from the EDA, the City Council has informally agreed to include adjacent land owned by the City for this project; 4943 Old Highway 8. The City purchased this property in 1996 to expand Old Highway 8 into a four -lane road. Analysis: Lot Area 3.43 acres (approximately). Zoning 1-1 Industrial (EDA land), B-3 Highway Business (City land) Comprehensive Plan Light Industrial, Light Industrial PUD (2010 Plan) Mixed Use (2020 Plan) Planned Unit Development Residential PUD's have a minimum project size of 3-acres. Density Proposed: 35 units per acre. If zoned R-4, then 17 units per acre is permitted (e.g. 58 units total, whereas 120 units are proposed). The City Code includes contradictions regarding maximum density. Residential PUD's are allowed a 10% bonus', although the exact density shall be determined by the City Council.z A PUD is necessary in order to achieve the Developer's desired density. The 2020 Comprehensive Plan guides these properties for Mixed Use (60% residential, 40% commercial), and a density of 15-30 units per acre. The City intends to amend the Comprehensive Plan, to increase the density to 15-50 units per acre. FYI: New Brighton is amending their 2020 Comprehensive Plan for PUD's, from 50-units p/acre density, to 60-units p/acre. Usable Open Space Required: 625 sq ft per unit. Proposed: 470 sq ft (approximately). Useable open space is not identified on the concept plan, but is presumed to be the area north of the driveway. Exterior Materials TBD. The Developer has provided an example. Whereas Municipal Code, 160.317(5) (Density Bonus) Municipal Code, 160.316(F) (Density) s Municipal Code, 16§ 0.012 Usable Open Space; A required ground area or terrace area on a lot which is graded, developed, landscaped and equipped, intended and maintained for either active or passive recreation or both, available and accessible to and usable by allpersons occupying a dwelling unit or rooming unit on the lot and their guests. The areas shall be grassed and landscaped or covered only for a recreational purpose. Roofs, driveways and parking areas shall not constitute USABLE OPEN SPACE. The Mounds View Visiot_ A Thriving Desirable Commit,«iy