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.�..�+'�� �����'� <br />✓ <br />MEMORANDUM <br />DATE: March 8, 2010 <br />TO: Mayor and City Council <br />FROM: Meagan Beekman, City Planner <br />SUBJECT: Planning Case #09-021 <br />Arden Village, LLC (Jamie Thelen) <br />1296 County Road F <br />Conditional Use Permit Amendment, Rezoning, and Comprehensive Plan <br />Amendment, Preliminary and Final Plat, and Master and Final Planned Unit <br />Development <br />Back�round <br />At the City Council's August 17, 2009, work session, Sand Companies, Inc (SCI) presented their <br />concept for a four-story, 55-unit workforce housing development at 1296 County Road F and <br />requested a letter of support from the City as they attempted to secure housing tax credits from <br />the Minnesota Housing Finance Agency (MHFA). As part of the letter of support, the developer <br />asked the City Council to identify ways in which the City would be willing to provide assistance <br />in order to close the financing gap left by the affordable housing component of the project. The <br />Council's letter of support is included with this packet (Attachment F). <br />SCI secured a purchase agreement for the property and submitted a request to the MHFA for tax <br />credits. The project did not receive tax credits in this funding cycle; however, due to positive <br />feedback from the selection committee, SCI is moving forward with the planning review process <br />and are still seeking Planning Commission and City Council approval of their application. If the <br />City approves their application SCI would likely move forward with purchasing the property in <br />anticipation of the next funding cycle in October of this year. The request for a City business <br />subsidy is a separate application that will be reviewed by the City Council at a later date. The <br />applicant seeks City approval for the land use component at this time. Approval of the land use <br />component of the project in no way obligates the City to grant financial assistance at a later date. <br />While a business subsidy application is contingent on land use approvals from the City, the land <br />use approvals are not contingent on the City approving a business subsidy application. <br />City of Arden Hills <br />City Council Meeting for March 8, 2010 <br />\�Nletro-inet. us�ardenhills�Admin\Council�Agendas & Packet Information�2010\3-8-10 Regular�Packet Information\6A 03-08-10 - Regular <br />Meeting - Arden Vzllage - Memo.doc Page 1 of 10 <br />