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property, a CUP Amendment was needed to reflect the proposed legal description for the newly <br />subdivided lot. <br />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 />A full outline of the propose modifications and an evaluation of their impacts was presented to <br />the City Council at their December 17, 2012, work session. <br />Recommendation <br />Staff recommends approval of the Arden Village Development Agreement Amendment No. 3, <br />based on the submitted revised plans, as presented in the December 17, 2012, report to the City <br />Council. <br />Requested Action <br />Motion to approve the Arden Village Development Agreement Amendment No. 3, based on the <br />submitted revised plans, as presented in the December 17, 2012, report to the City Council. <br />City of Arden Hills <br />Special City Council Meeting December 17, 2012 <br />Page 2 of 3 <br />