CC WORKSESSION PACKET 09232019-JOINT MEETING PLANNING COMMISSION

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Page 6 of 16 DISCLAIMER: concept project information based on preliminary assumptions. Changes will occur. September 16, 2019. Trident Development LLC. Overview – Proposed Development Summary SITE 1: New 75-Unit Senior Living Facility 2401 Kenzie Terrace The proposed project is a 75-unit senior assisted living and memory care facility located on the southwest corner of Saint Anthony, at the intersection of Stinson Parkway/ Kenzie Terrace (Lowry Ave.). The subject property is a 1.89-acre site currently owned by Bremer Bank. It is the desire of Bremer Bank to sell and redevelop the subject property; while also securing an alternative, smaller, and updated facility in Saint Anthony. The proposed senior living facility would be a 3 or 4-story, wood-framed, apartment; which will be built over a floor of underground parking. Trident Development, LLC is the proposed project manager and Tealwood Senior Living LLC is the proposed long-term operator. Trident and Tealwood have a long history of successfully developing, owning, and operating senior living projects. Because Tealwood and Trident are ownership partners, additional care is given to: the design/ quality of the building, how it will last the test of time, how the project fits within the community, and how well it will operate for its residents. This development will address a demand shortfall within the Saint Anthony residential marketplace by providing 75 high-quality senior assisted living and memory care units to the community. This project will also redevelop and reinvigorate an underutilized site located at the entrance of the community by constructing a high-quality building with attractive landscaping and less surface parking (less impervious surface). In addition to reduced impervious surface coverage, the developer pursuing sustainable development through the potential installation of solar panels on the roof of this project (currently being investigated for this site). This project will improve pedestrian safety/ sidewalk connections and eliminate a vehicular access point along Kenzie Terrace. The developer is proposing 20% of units within this proposed project be provided for residents making 50%, or less, of the local area median income (AMI). Correspondently, the developer is requesting the use of Tax Increment Financing (TIF), via a Housing TIF District, to support said affordable units, and to help address significant redevelopment costs. NOTE: use of TIF does not eliminate the existing substantial tax base provided by the existing Bremer building (said existing tax base would remain in place). This project will create 20 new FTE jobs. Site 2: New Bremer Bank Facility 2654 Kenzie Terrace The proposed project is a 3,500 – 5,000 square foot Bremer Bank building located adjacent to the Saint Anthony Shopping Center on Kenzie Terrace. The 0.91-acre subject property is a former bowling alley; which was purchased by the city in 2001 for redevelopment is tax-exempt. It is the desire of Bremer Bank to stay in the City of Saint Anthony, by constructing a new bank building on the subject property. Please see attached Bremer Bank cover letter for details. The proposed bank building is a 1-story 3-500-5,000 square foot office space; with Bremer Bank being the sole user. The site layout utilizes the existing access point on Kenzie Terrace, includes a drive- through for customers, and enhanced landscaping.