CC WORKSESSION PACKET 06152021-JOINT WITH PLANNING COMMISSION

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corner of the site, facing Kenzie Terrance. The site will also include directional signage for traffic control. vi. Employment: The proposed Bremer Bank branch will employ approximately 20 full-time team members. vii. Acquisition: The proposal requires that Interstate purchase the property from St. Anthony Village. 2401 Kenzie Terrace (current Bremer Bank Site): i. Building: Interstate is proposing a 75-unit, 4-story, residential multi-family structure on the property. The building’s first floor will be designated for covered parking, floors 2 – 4 will be residential dwelling units. Total building square footage is estimated at 82,113 square feet. ii. Units: The building will be comprised of 75 residential units, broken out as follows; (i) 39 one-bedroom units, (ii) 9 one-bedroom alcove units, (iii) 24 two-bedroom units, and (iv) 3 three-bedroom units. Unit square footages will range from 525 square feet to 1,362 square feet. iii. Site Design: The site will provide covered parking on the first floor of the building in addition to surface parking. We are currently estimating 108 total parking stalls (1.44 / unit). Ingress / egress will be off of Kenzie Terrace. The covered parking in the Building will be accessed on the northeast corner of the site / building. The site design will include attractive landscaping, with an emphasis on the southwest corner (portion of the site that is at the hard corner of Kenzie Terrace & Stinson). iv. Building Materials: We anticipate the exterior building materials to include glass, steel panels, architectural siding / panels, and brick / stone. v. Signage: The project will include building Signage and directional signage for traffic control. vi. Amenities: The project will include amenities such as; an onsite management office, heated parking garage, pet wash station, WIFI lounge / club room and an outdoor patio. vii. Acquisition: The project requires that Interstate purchase the property from Bremer Bank. viii. Affordable: Interstate’s goal is to create workforce attainable housing without the utilization of TIF, grants, tax credits or subsidy from government and non- government agencies. If a formal affordable housing program is strongly desired by St. Anthony Village, Interstate is willing to entertain such programs, provided that there are mitigating factors (i.e. a like-kind reduction in the purchase price of 2645 Kenzie Terrace property and / or TIF). Interstate is currently targeting rents ranging from $1,300 / month for a 1-bedroom unit and $2,350 for a 3-bedroom unit. 2534 Kenzie Terrace (former Bremer Bank Site): i. Acquisition: Interstate is planning to acquire the property along with the parcel located at 2401 Kenzie Terrace. Interstate is not planning a development on this parcel. ii. Disposition: Interstate is planning on selling the parcel to St. Anthony Village contemporaneous with the purchase of the 2654 Kenzie Terrace property (former bowling alley site), via a land-swap agreement, whereas Interstate will pay to St. Anthony Village the cost differential of the two properties. [Site plans, floor plans and elevations to follow]