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building, beginning in 2007 or 2008. The housing units will be designed to attract first time and young working home buyers, as well as budget conscious buyers of all ages. Even though the project is targeted to achieve a relative level of affordability, it is anticipated that it will generate close to $20,000,000 of additional tax base for the city. The exteriors and landscaping of the project will be designed to compliment the design standards of the Silver Lake Village redevelopment by using similar building heights and materials. However, the project will seek to differentiate itself in various ways, including unit size, style, price and amenities, in order to complement rather than compete with the Silver Lake Village project. The following list outlines some of the significant changes that will take place on the site through the redevelopment process: • Complete redesign of the exterior architectural elements of the.existing building in order to match the new buildings which will be constructed; • Removal of a substantial portion of asphalt hard surface, to be replaced with enlarged and enhanced landscaped green spaces; • Addition of on-site storm water management facilities, where none exists presently, further improving the storm water quality in Silver Lake and the Rice Creek Watershed District. City Approvals: The developer is requesting rezoning of the property to Planned Unit Development - as an extension of and amendment to the Silver Lake Village PUD Zone — to allow for the proposed mixed use development. Although the project will be in the same PUD Zone as the Silver Lake Village project, and will be designed to complement and be consistent with the Silver Lake Village design guidelines, it will be subject to a separate Development Plan and PUD Agreement with the city and will not affect the Silver Lake Village PUD Agreements in any way.No other approvals are anticipated to be necessary. Conclusion: The Village Lofts at Silver Lake Plaza will add considerable new value to the tax base of the City of St. Anthony. The project will add to and visually complement the Silver Lake Village redevelopment now underway in the neighborhood. It will also provide additional housing options for the community, while retaining valuable medical services. This project will add to the vibrancy and synergy of the retail, commercial and residential redevelopment at Silver Lake Village.