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Rice Creek Commons Terms for Final Development Agreement May 2025 Working Draft <br />3 <br />E. Housing Affordability <br /> <br />The parties share a goal of providing affordable housing on the <br />site. <br /> <br />A minimum of 20% of the total housing unit count (392 units <br />based on the maximum buildout of 1,960 total units) will <br />consist of affordable rental housing units at 60% AMI or below. <br />The developer will pursue opportunities for funding and submit <br />applications to make these rental units more deeply affordable, <br />from sources such as Minnesota Housing (low-income housing <br />tax credits (LIHTC)), CDBG-HOME, County HRA levy funds, Local <br />Affordable Housing Aid (metro area sales tax funding), etc. and <br />with partners such as Habitat for Humanity. <br /> <br />The parties will additionally work toward constructing 10% of <br />the owner-occupied units to accommodate Ramsey County <br />down payment assistance, which is accessible to households <br />who make less than 115% of area median income (AMI) (in <br />2023, that equates to a for-sale price of less than $372,000). <br /> <br /> <br /> <br />Additional information is needed to determine whether the additional affordable housing <br />units beyond the minimum required are achievable and whether there will be affordable <br />units at rents lower than 60% AMI. Information is needed to assure affordable housing <br />goals will not be deferred. Input will need to be provided from affordable housing <br />providers. <br /> <br />Developer recently proposed a number of affordable for-sale housing units, but there hasn’t <br />yet been the opportunity to evaluate and discuss it. <br /> <br />F. Housing Ownership versus Rental <br /> <br />The parties share a goal of providing opportunities for <br />homeownership opportunities in the development, and as part <br />of the final development agreement will come to a mutually <br />agreeable ratio of owner-occupied units to rental units. <br /> <br /> <br /> <br />Developer recently proposed numbers of housing units that will be for-rent and for-sale, <br />but there hasn’t yet been the opportunity to evaluate and discuss it. <br />G. Commercial/Industrial Development and Job Creation <br /> <br />The parties understand that new employment at well-paying <br />jobs is an important objective for Rice Creek Commons, for <br />which reason certain areas have been zoned for commercial or <br />industrial usage. Accordingly, the parties agree to pursue <br />appropriate buyers or tenants for such areas as will maximize <br />the opportunities for such employment. <br /> <br /> <br /> <br /> <br />Business subsidy law and policy requirements will need to be addressed and have not yet <br />been discussed.