Laserfiche WebLink
<br />affordable housing in the community, and this commitment will <br />continue; <br /> <br />The Village remains committed to affordable housing’s role in the Project. <br />Of the apartment units, 79 meet the standard for affordable housing at <br />80% of the Hennepin County area median income (“AMI”), which means <br />that 35% of the apartment units qualify as affordable housing under U.S. <br />Housing and Urban Development department standards. <br /> <br />The Village also proposes that a third party develop the adjacent Bremer <br />Property for affordable housing. The Village will not develop the Bremer <br />Property. It will, however, help ensure the future ability to offer <br />affordable housing by requesting inclusion in the redevelopment tax <br />increment district (eligibility for which it would not enjoy on its own). The <br />Bremer Property’s inclusion in the redevelopment district will provide <br />maximum flexibility to its eventual developer. <br /> <br />Lastly, after the City denied the original applications, The Village and the <br />City met to give the City a voice for its vision and provide a meaningful <br />feedback loop. During the meetings, the City pointed out that SAV’s HRA <br />currently owns the 0.9-acre former bowling site (the “HRA Property”). To <br />generate even greater affordable housing as part of the development, the <br />City identified the HRA Property as a potential additional location for an <br />affordable housing developer to construct housing at an affordability level <br />that the City and community desire and that is financially possible. The <br />Village agrees that locating additional affordable housing on the HRA <br />Property in conjunction with the Project is logical and The Village looks <br />forward to further discussions with all stakeholders to make maximal use <br />of the HRA Property as a potential location for additional affordable <br />housing. <br /> <br />2) Compatibility with surrounding land uses. It is important that new <br />development match existing surrounding land uses in scale, height, <br />and use; <br /> <br />For many years, the City’s Comp Plan has designated the Property for <br />high-density residential redevelopment. The Project appropriately <br />balances that designation and the existing neighboring uses. <br />As the Comp Plan correctly notes, “[b]ecause the City is fully developed, <br />additional housing would have to occur through redevelopment… [and] <br />the anticipated density for this higher density housing development is 25 <br />to 40 units per acre.” The Village has worked to design a project close to