2018.05.23 EDC Minutes SIGNED - Laserfiche WebLink

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Gundlach requested the Commission discuss the information contained in the staff memo and make a recommendation to the City Council on what housing product types and redevelopers the City should engage further with on the Korean Church redevelopment opportunity. Based on all of the information, staff is recommending selecting a redeveloper that is capable of delivering both an affordable family and affordable senior housing product type. This could include Dominium or Sherman Associates. Secondly, staff is recommending selecting a redeveloper that is capable of delivering an owner -occupied townhome product. Only one developer meets that criterion, which is Pulte. This recommendation would require City staff to work with the redevelopers on a partnership and plans that do not necessarily fully align with the concepts they submitted, which could take additional time. Jason Aarsvold, Ehlers & Associates, commented on the financial viability of the proposed projects, noting the expense to the City. He estimated the City has paid $2.4 million to date and discussed how TIF could impact the potential projects. He provided further comment on tax credits that may be available to assist with this housing redevelopment project. Discussion included: ■ The Council's six goals for this project as discussed at their Strategic Planning retreat. • Staff discussed how TIF could be used for this redevelopment project. Staff anticipated public monies would be needed for this project. • The Dominium and Sherman projects were top contenders at this time. It was noted Pulte Homes would be a third option to consider. • The EDC commented on the hybrid proposal created by staff from the Dominium project which would include two apartment buildings, one affordable and one for seniors. It was noted the remainder of the land would be used for owner -occupied Pulte townhomes. Staff commented she anticipated the two developers would be able to work together on this project. • The impacts this project would have on the neighborhood were discussed. • The Aeon proposal was reviewed in further detail with the EDC. The EDC supported the use of open space within this development. • A commission member questioned if the entire development had to be affordable housing. Councilmember Allen reported the community did have a need for affordable housing units both for apartments and senior units. The timeline to complete an affordable housing project with tax credits was discussed. • A commission member questioned if Dominium and Pulte should be approached to discuss the hybrid option prior to the EDC making a recommendation to the City Council. • The "but for" statement was reviewed with respect to the use of TIF funding. Motion by Commissioner Murlowski, seconded by Commissioner Nelson to recommend staff proceed with the hybrid redevelopment project between Dominium and Pulte Homes for the Korean Church and present this option to the City Council. Approved 7-0 Staff noted the EDC would meet next on Wednesday, June 6th at 7:30 a.m. VII. Ad iourn Motion by Commissioner Kuipers, seconded by Commissioner Peck to adjourn the meeting.