2022 03-15 CC PACKET - Laserfiche WebLink

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Growth The comprehensive plans of the:three cities have identified opportunity sites for both commercial and residential development and redevelopment throughout the corridor.' Commercial .opportunity sites include. • northeast quadrant of County Road E and 1-35 E • northwest, northeast and.southeast quadrants of County Road E and Highway 61 • interse.ctio.n .of County Road E and Bellaire Residential opportunity sites include: • northeast quadrant of County Road E and.l=35 E; • northwest, northeast and southeast quadrants of County Road E and Highway 61 • northeast quadrant. of County Road E and Hoffman Road • Rooney Farm site • intersection.of County Road E and Bellaire As evidenced bythe overlap in residential and commercia10pportunitysites, the majority are slated for mixed.use development, which will increase both. the density and walkability of the corridor. Fallowing completion of the Environmental Analysis Phase in early 20.21 and the corridor -being adopted into the Metropolitan Council Transportation Policy Plan, opportunity sites within one half mile..of a Rush Line station will score higher on Minnesota Housing's Qualified Allocation Plans per their proposed 20.21 CLAP scaring, making the area more attractive to developers of affordable housing: The development and redevelopment opportunity sites identified above will significantly increase the tax base as projects are. completed. Forexamplethe.Schafer Richardson project. at County Road. Eand Linden Avenue is anticipated tohave estimated market value in excess of $.3.0,000,000,. an. increase of more than 3500% over the current.estimated market value of $846,300. While the increase -in tax base resul.ting..from future development. in the corridor m.ay not be as dramaticfor all develop ment:and redevelopment. projects, it is anticipated significant increases: will be realized 1n.any.projects spurred by the vision plan: Provided current market conditions remain stable, it is anticipated any commercial or market. rate housing. deyelopmentalong the corridor will require little, if a. public investment. As is to be. expected, affordable housing developments. will almost certainly require multiple sources of public investment including local, county, regional, state and federal assistance; The proposed Rush Line has, in part, already spurred. investment with the aforementioned Schafer Richardson project, a 192 unit market rate multifamily development slated to break ground in September 2019 at County Road E and Linden Avenue: This development has generated renewed investment in the 'retaiI center on the opposite side of County Road E. It is expected further investment will. be generated as the Rush Line project.progresses closer to construction and a vision plan for the corridor will ensure the coordination of.investmefit and deveio.pen ent to produce a desirabile place to live, work and visit. 5 See Appendix C.for a map ofidentified opportunity sites. Page 13 County Road E Corridor Pilot Program Project Narrative