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SCI went through several funding cycles with Minnesota Housing Finance Agency in their <br /> attempt to get tax credits to assist in financing the affordable housing project. They have not <br /> been successful in their attempts to secure funding. As a result SCI has decided to move forward <br /> with the construction of the apartment building, but as a market rate project, rather than an <br /> affordable housing development. <br /> SCI received funding from the Ramsey County HRA in the form of a loan from the HOME <br /> Investment Partnership Program for the Arden Village development. In exchange for the <br /> assistance, Arden Village must have four units set aside for households whose incomes are less <br /> than 80% of the area median. <br /> At the November 13, 2012, work session, the City Council reviewed proposed revisions to the <br /> Arden Village development regarding the conversion from affordable to market rate. The <br /> change also necessitates minor modifications to the site, parking, and interior accommodations <br /> related to the project. The Council determined that the modifications to the plan were minor in <br /> nature and directed Staff to move forward with a Development Agreement Amendment. The <br /> Council also directed Staff to work with SCI to get more detailed plans showing the proposed <br /> changes and to address any potential issues related to parking and landscaping created by the <br /> modifications to the plan. <br /> Modifications to Plan <br /> In light of the project changing from affordable to market rate, SCI contracted with Maxfield <br /> Research to conduct a market study related to apartment demand. The study found a greater <br /> demand for single and double units, versus family sized 3-bedroom units. As a result of the <br /> market study, SCI is proposing to convert many of the 3-bedroom units in the building to 1 and <br /> 2-bedroom units. No efficiency units are proposed. <br /> Originally Approved Unit Mix Proposed Revised Unit Mix <br /> 1 BR—9 units 1 BR—27 units <br /> 2 BR—23 units 2 BR—27 units <br /> 3 BR—23 units 3 BR—6 units <br /> Total= 55 units Total= 60 units <br /> The revised unit mix would create five additional units, which increases the density of the project <br /> from 20 units per acre to 21.7 units per acre. The total number of bedrooms in the building <br /> would decrease from 124 to 99. While the unit sizes vary slightly, the smallest 1-bedroom unit is <br /> 750 square feet, 2-bedroom is 1,080 square feet, and 3-bedroom is 1,350 square feet. The unit <br /> sizes meet the minimum size requirements in the City's Zoning Code. <br /> Exterior Modifications <br /> The change in unit mix would impact the footprint of the building slightly (Attachment B). The <br /> building would remain in the same location and approximately the same square footage, but <br /> City of Arden Hills <br /> City Council Work Session for December 17, 2012 <br /> Page 2 of 4 <br />