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viable and had merit in meeting certain redevelopment goals. In order to narrow scope, staff advanced these proposals to the Economic Development Commission and asked them to engage in two ranking exercises that would help narrow focus on which concepts should rise to the top. Among the many criteria the EDC ranked (housing type, financials, timing, market values, owner-occupied vs. rental, etc.) they held the Council’s goals that were developed at the teambuilding retreat in January as very high in priority. The attached EDC Memorandums from the May 2 meeting (dated April 27) and May 23 meeting (dated May 18) provide the background and results of the ranking exercise, staff analysis of the results, various financial analysis, and a staff recommendation. In summary, the EDC’s recommendation consists of selecting a redeveloper(s) who can accomplish the following: • Construction of an affordable housing product for 55+/seniors • Construction of an affordable housing product for families • Construction of owner-occupied townhomes This recommendation would accomplish the following: • Meet 5 of the 6 Council goals identified during the teambuilding retreat in January (gathering/community space, affordable, 55+/senior, mixed-income, & varying densities). The only goal not accomplished would be providing a mixed-use/retail component, which none of the developers staff met with indicated this would be viable. • Balance housing needs in the community by offering both rental & owner-occupied housing, high- density apartments & lower-density townhomes, accommodate families and empty nesters, and provide affordable and market-priced housing. • Limits the amount of public investment by not needing to keep a TIF district open the entire 26 years. • Recoup the City’s upfront cash investment at closing. • Meet a construction timetable that would allow construction commencement next year and completion within approximately two-three years. Further, the EDC recommended staff engage in further discussions with Dominium on building the 55+/senior and family affordable product and Pulte on building the owner-occupied townhomes. There were only two developers (Dominium & Sherman Associates) who proposed both an affordable senior and affordable family building. Only one developer proposed owner-occupied townhomes (Pulte). Dominium was selected based on their experience in the community and adjacent communities (St. Anthony and Columbia Heights) building the same product. This recommendation would result in combining two concept proposals into a hybrid proposal with two developers collaborating who did not originally collaborate. Staff has since spoken with both Dominium and Pulte on this hybrid concept and both have indicated a willingness to move forward, should that be the Council’s direction. Staff is seeking direction from the Council on whether there is consensus to move forward as described herein. If so, staff would work with the two developers to outline next steps, including engagement with the neighborhood. Attachments May 23, 2018 EDC Memo & Attachments May 2, 2018 EDC Memo & Attachments Aeon Proposal Alatus Proposal