Loading...
HomeMy WebLinkAbout08-22-2022 EDAAPPROVED PROCEEDINGS OF THE MOUNDS VIEW EDA CITY OF MOUNDS VIEW RAMSEY COUNTY, MINNESOTA Regular Meeting August 22, 2022 Mounds View City Hall 2401 Mounds View Boulevard, Mounds View, MN 55112 1. CALL MEETING TO ORDER President Mueller called the meeting to order at 6:42 p.m. 2. ROLL CALL: President Mueller, Vice President Cermak, Commissioner Bergeron (attending remotely), Commissioner Hull, Commissioner Meehlhause, and Executive Director Zikmund. NOT PRESENT: None. 3. APPROVAL OF AGENDA MOTION/SECOND: Meehlhause/Hull. To Approve the August 22, 2022, Agenda as presented. A roll call vote was taken. Ayes – 5 Nays – 0 Motion carried. 4. CONSENT AGENDA A. May 23, 2022, EDA Minutes. MOTION/SECOND: Hull/Cermak. To Approve the Consent Agenda as presented. A roll call vote was taken. Ayes – 5 Nays – 0 Motion carried. 5. PUBLIC COMMENT None. 6. EDA BUSINESS Mounds View EDA August 22, 2022 Regular Meeting Page 2 A. Reuter Walton Developer Presentation. Assistant City Administrator Beeman stated Jared Ackmann with Reuter Walton Development had a presentation for the EDA. Jared Ackmann, Reuter Walton Development, explained he was proposing to construct 130 units workforce housing and 130 units of market rate housing southeast of the Bel Rae building on a 5.5 acre parcel. Further discussion ensued regarding the fact he now had land under contract for this project. The two phases of the project were described and it was noted both buildings would be four stories high. He explained he would be pursuing low income housing tax credits and TIF to assist with the financing of these projects. In addition, he would also be pursuing conduit bonds for this project. He commented on other projects he had completed in the metro area noting his company has been around for the past 17 years. The amenities that would be included within the buildings was further discussed along with the proposed unit mix. He reported there was a housing shortage for both market rate and workforce housing in the metro area. Paul Keenan, Vice President of Development for Reuter Walton Development, stated many developers have been pursuing this land. He commented on how he would continue to work to assemble all of the lots for the market rate project. Commissioner Hull asked who would manage the properties. Mr. Keenan reported Michaels would manage both buildings. Commissioner Meehlhause questioned who would be the architect for this project. Mr. Keenan stated Caswell would be the architect for this project, which was the same architect used for the Bel Rae building. Commissioner Meehlhause requested further information on the proposed rents. Mr. Ackmann discussed the proposed rental rates for the workforce and market rate apartments. Further discussion ensued regarding the conduit bond financing. President Mueller requested further information as to how the affordable units would be broken down within the workforce housing building. Mr. Ackmann explained 10% of the units (13 units) would be set aside for 30% AMI and the remainder would be at 60% AMI. President Mueller questioned how many underground parking spaces there would be. Mr. Ackmann stated the plans currently show 125 underground parking spaces. He noted he would not be charging for the underground parking spaces. Mr. Keenan commented on how he would be working to gain control of the three remaining parcels for the market rate development. President Mueller questioned what the length of the TIF term would be for a project like this. Mounds View EDA August 22, 2022 Regular Meeting Page 3 Assistant City Administrator Beeman stated the TIF term could be up to 26 years for this type of project. President Mueller questioned what the value of Phase 1 would be upon completion. Mr. Keenan estimated this to be $26 million for the 130 units of workforce housing. President Mueller stated she was pleased to see the developer would be working with a local management company (Michaels) for the two apartment buildings. Mr. Keenan clarified that Michaels was based out of New Jersey but had employees working locally to manage his buildings. President Mueller asked what the EDA’s next steps should be. Assistant City Administrator Beeman requested the EDA make a motion to offer support of the overall project, support for the conduit bonds and support for the housing TIF. President Mueller inquired if the proposed project was the highest and best use for this 5.5 acres in Mounds View. Assistant City Administrator Beeman reported this location does not make sense for an industrial or retail use. He explained there was a demand for market rate and workforce housing. For this reason, he believed the highest and best use for this property was the proposed project. Commissioner Meehlhause requested further information regarding the average median income (AMI) in Mounds View. Mr. Keenan reported AMI’s were calculated every year in April by Ramsey County. He stated he did not have the Mounds View statistics in front of him. President Mueller questioned if Ramsey County would work with the City to provide this property access to Mounds View Boulevard. Assistant City Administrator Beeman explained this project would not access Mounds View Boulevard, but rather would have access from Woodale Drive. He reported if Phase 2 of this project were to not move forward he stated a daycare could be considered for the corner lot, which the developers stated they would sell to the City for $ 1.00. MOTION/SECOND: Meehlhause/Cermak. To Support the Reuter Walton Development Project Moving Forward with Housing TIF and Conduit Bond Financing. A roll call vote was taken. Ayes – 3 Nay – 2 (Hull & Mueller) Motion carried. 7. REPORTS None. 8. NEXT EDA MEETING: Monday, September 12, 2022 at 6:30 p.m. Mounds View EDA August 22, 2022 Regular Meeting Page 4 9. ADJOURNMENT President Mueller adjourned the meeting at 7:33 p.m. Respectfully submitted, Recorded and transcribed by: Heidi Guenther Minute Maker Secretarial