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CC PACKET 09282004
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CC PACKET 09282004
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12/30/2015 7:49:50 PM
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12/30/2015 7:49:41 PM
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29
SP Folder Name
CC PACKETS 2001-2004
SP Name
CC PACKET 09282004
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Metropolitan Council 24 <br /> September 3,2004 <br /> Tim Marx <br /> Commissioner <br /> Minnesota Housing Finance Agency <br /> 400 Sibley Street, Suite 300. <br /> St. Paul,MN 55101 <br /> RE: City of St. Anthony <br /> Multifamily Housing Revenue Bond Program— <br /> The Landings at Silver Lake Project <br /> Metropolitan Council Review File No. 19303-1 <br /> Dear Mr. Marx: <br /> The City of St. Anthony has submitted for our review pursuant to Minnesota Statutes Chapter 462C, a <br /> proposed housing bond program for the Landings at Silver Lake Project. The program proposes to issue <br /> $39.5 million in tax-exempt revenue bonds to finance the acquisition, construction, and equipping of a <br /> 261-unit apartment complex in St. Anthony. <br /> This housing is only one of several components-residential, office, retail, and park that make up the city's <br /> redevelopment effort for the 53.acre Apache Plaza redevelopment site at approximately.38`'Avenue <br /> North and Silver Lake Road. The 261 units in this program including 80 units specifically for households <br /> 55 years of.age and older; are only a portion:of the 660 units expected in the overall redevelopment effort. <br /> Twenty percent of the units in the landings will be affordable to households at 50 percent of area median <br /> income. The Landings will be developed at about 50 units per area in three-story structures,with parking <br /> underground at 2401, 2403, 2405, and 2407 39`h Avenue NE. <br /> This new mixed-income rental housing in St. Anthony is consistent with both local and regional plans. <br /> The 2030 Framework encourages the development of life-cycle housing options throughout the region, <br /> and, in particular, in redevelopment or infill situations in older neighborhoods. As a participant in the <br /> Livable Communities Local Housing Incentives Program,and consistent with its LCA and <br /> comprehensive plan housing goals, this housing will further life-cycle housing options and add both <br /> market rate and affordable rental units in the city. The use of this type of fiscal tool to develop affordable <br /> and lifecycle housing is also delineated in the city's LCA Action Plan and comprehensive plan. <br /> In 2001,the Metropolitan Council awarded the city a Smart Growth Twin Cities Opportunity Site grant <br /> for this project of$120,000 for assistance in the planning costs of the project. <br /> If you e qu ons,please,call me at 651/602.1418. <br /> S' cere <br /> uy D. eterson <br /> Planning Analyst <br /> cc: L:Mike 1VIo>ns n, Gi.Gy of t:= hony <br /> Jennifer Hanson,Dorsey&Whitney <br /> www.mete'i�' G41�.gp�tDATA1 USERSISHAREDI LIBRARYIrOMMUNDV\PETERSON120041H sgElemReview1090104 si ver lake landings Itr to iim marx. gtro Info Line 602-1888 <br /> 230 East Fifth Street • St.Paul,Minnesota 55101-1626 • (651)602-1000 • Fax 602-1550 • TTY 291-0904 <br /> An Equal Opportunity Employer <br />
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