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Planning Commission Meeting Minutes June 21, 2005 Page 11 1 currently working to put together a housing development on the site noting that they had come 2 before the Planning Commission in 2002 to obtain the preliminary approval to build 38-units. 3 He provided the Commission with a brief overview of the site noting that they came to the 4 decision that it would not be feasible to build the apartments and agreed with the City to come 5 back with a new proposal. He stated that they have been in discussions with a `for sale' co-op 6 developer, Nichols Development adding that Chuck Armstrong, Director Business Development 7 for Nichols would provide an overview of the proposed development. 8 9 Chuck Armstrong, Director of Business Development,Nichols Development, stated that they are 10 currently in a fact-finding mode in an effort to develop and construct a 56-unit, four-story senior 11 cooperative that would include parking. He provided the Commission with a brief history and 12 background of Nichols Development noting that they have financed approximately 25 senior 13 cooperatives in the State of Minnesota. He explained that Nichols Development was started in 14 2000 in an effort to improve the build process. He stated that their first project was Summerhill 15 and reviewed with the Commission. 16 17 Mr. Armstrong explained that with a senior housing cooperative no services are provided unless 18 specifically asked for. He further explained that the housing cooperative is geared for active 19 seniors age 55 years and older adding that it provides homeownership opportunity with the 20 ability to get away from all of the maintenance. He stated that it is their hope to come back in 21 late July, early August to file their application. He stated that they also plan to hold community 22 meetings in order to gain feedback from the residents. He noted that the plans would also 23 include compliance with HUD requirements and insurance. 24 25 Mr. Armstrong indicated that this would be approximately an 11-month process to build the units 26 noting that all of the units are sold prior to breaking ground. He stated that they are very open to 27 working with City staff throughout the process to bring a high quality senior housing 28 development to the community. He stated that the intent is to go from an R-1 zone to an R-4 29 zone noting that the project would probably require height variances in addition to possibly 30 having density issues to address. He stated that it is important that HUD oversees the process 31 noting that HUD insurance would require 3-percent operating reserve and 4-percent replacement 32 reserve as a required schedule adding that a Board of Directors would govern the building. He 33 assured the Commission that the units would be well maintained and affordable. He stated that 34 they plan to use a combination of stone, brick and hardy board noting that they plan to provide a 35 wide range of amenities including guest rooms. 36 37 Vice Chair Hanson stated that one of his concerns is the number of units noting that 57 units is 38 high. He asked if they have discussed a potential expansion of the site noting that there is piece 39 of property for sale that is close to the proposed project. Mr. Armstrong agreed that some of the 40 units they have built are located on relatively tight sites and some have been built on 2-acres in 41 size. He explained that they base the unit design on the homes the owners would be coming 42 from. He stated that as far as discussing the expansion of the property, this is the first 43 conversation noting that he would probably explore the possibility. He assured the Commission 44 that even if they build on the current land,without expanding, they would build a nice building 45 with beautiful landscaping.