Laserfiche WebLink
ARDEN HILLS CITY COUNCIL WORK SESSION-AUGUST 17 2009 2 <br /> information on the proposed building and will take questions and comments after <br /> that time. <br /> Jamie Thelen, CEO of Sand Companies introduced himself and his company to <br /> the Council. He then reviewed several projects his -company was currently <br /> completing in the metro area noting several were tax credit projects. Mr. Thelen <br /> indicated the proposed 55-unit workforce project would be designated for family <br /> housing and is financed with federal tax credits through the Minnesota Housing <br /> Finance Agency. He stated the application is due October I, 2009. If selected the <br /> project plans would begin in January of 2010 with construction to begin in July of <br /> 2010. <br /> Mr. Thelen explained that workforce housing would serve a family of four making <br /> a little over $50,000. He noted the rent would start at $755 and move upwards to <br /> $1,043. Mr. Thelen further reviewed the rental process and noted that all potential <br /> renters would receive a thorough background check. <br /> Richard Denny, Sand Companies, reviewed the proposed design of the 55 unit <br /> four-story building with the Council in detail. He indicated each unit would be <br /> provided two parking spaces. Mr. Denny stated the site would also have an office <br /> for the manager, along with a conference room, entrance lobby, and community <br /> room. <br /> Mr. Denny explained the Minnesota Housing Finance department required all - <br /> appliances to be energy star with every light being fluorescent. He indicated the <br /> exterior of the building would be cement board siding with a masonry base. <br /> Councilmember Holden questioned if Sand Companies was purchasing a portion <br /> of the parcel or the entire parcel for this building. <br /> Mr. Thelen indicated Sand Companies would be purchasing the entire parcel and <br /> had it under contract at this time. <br /> Councilmember Holmes asked for a valuation of TIF funds that were used for the <br /> Cottage Villas development. <br /> Finance Director Iverson explained that the Cottage Villas receives about <br /> $44,000 a year and began in 1993 or 1994. She stated this district is projected to <br /> have a balance well over $400,000 if extended to 12/31/19. <br />