CC WORKSESSION PACKET 09232019-JOINT MEETING PLANNING COMMISSION

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Page 8 of 16 DISCLAIMER: concept project information based on preliminary assumptions. Changes will occur. September 16, 2019. Trident Development LLC. Overview – Proposed Partnership The development team has reviewed the city’s land use ordinances, comprehensive plan, 2016 Technical Assistance Panel (TAP) Report, and met with government staff members (City, County, Minneapolis Parks, Watershed). The developer is proposing a partnership that may help achieve various community goals: • Improved Southwest Gateway Node The 2016 TAP Report targets improvements to the southwest community gateway including redevelopment of underutilized sites and securing land for a “Welcome-to-Saint Anthony” node. This proposal will (A) redevelop and reinvigorate three underutilized sites; and (B) result in the city securing the specific parcel targeted within the 2019 TAP Report for a “Welcome-to-Saint Anthony” node. • High-Density Multi-Family Housing The City’s Comprehensive plan calls for high-density housing (up to 40 units per acre) on the existing/ former Bremer Bank site. This proposal calls for nearly 40-units per acre on the existing/ former Bremer Bank site. The 2016 TAP Report targets multi-family housing developments; and goes on further to mention an affordability component may be attractive and that any multi-family redevelopment proposal within the southwest gateway may likely require city assistance due to small sites with high land costs/ redevelopment costs. This proposal includes a multi-family redevelopment on a small site, with an affordability component and high redevelopment costs, supported by TIF. • Improved Pedestrian Connections & Streetscapes The 2016 TAP report calls for improved sidewalk connections, pedestrian corridors, and streetscapes. All three proposed projects (senior facility, city-owned gateway parcel, and new Bremer Bank site) all call for improved landscaping and pedestrian connections. As this project progresses, detailed landscaping plans/ sidewalk plans will be tailored to meet the city’s vision for all three sites. • Improved Safety on McKenzie In discussions with Hennepin County, elimination of vehicular access points on McKenzie/Lowry was identified as a priority for improved safety and traffic flow along this corridor. This proposal includes the elimination of four (4) access points along McKenzie/Lowy. • Sustainability In discussions with city staff, it was identified the city may desire sustainable development strategies for this redevelopment project. The developer will be conducting a study for the potential use of solar panels on the proposed senior living facility. Based on initial calculations, the impervious surface coverage on the senior living site will drop from approximately 85% +/- to approximately 65% +/- with most parking occurring underground. The “Welcome to St. Anthony” node parcel will drop from approximately 80% +/- impervious surface coverage to approximately 10% +/-. • Economic Development In discussions with city staff, it was identified economic development goals may be important for the city. From a jobs perspective, this redevelopment proposal will result in retaining 10-20 Bremer Bank jobs and the creation of 20 new FTE jobs at the new senior living facility. The new Bremer Bank facility will result in $237,837 in land proceeds to the city; and the conversion of a tax-exempt parcel into a tax paying parcel. The new senior living facility will result in new tax base—which will be realized after the proposed TIF note expires (existing tax base will remain even with TIF). This project will re-invigorate three underutilized and highly- visible parcels along the Southwest corridor gateway. This project will result in roughly $21,000,000- $25,000,000 of total private investment. The senior living facility will include a roughly $3,300,000 annual operating budget. Lastly, the city will be receiving an $87,300 valued parcel at no cost.