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HRA Meeting Minutes –Tuesday, October 15, 2013 Page 8 1 all with the intent of providing lifestyle residential services and amenities. Specific to the Dale Street 2 Project, Mr. Eilers outlined their overall vision and housing goals for the site to encourage a unified 3 community and neighborhood, through development of 9 townhomes, and a 64-unit multi-family 4 building of various sized units, some at market rate, but all including green development initiatives. 5 6 Shawna Myer, BKV Group –Architecture Firm; 222 North Second Street; Minneapolis, MN 7 Ms. Myer provided a history of CommonBond in the housing area and community building, using 8 various sites, project sizes and concepts. Ms. Myer reviewed three aspects for this site that incorporated 9 the site and amenities, housing and sustainable growth goals. Ms. Myer noted that part of that 10 sustainable growth would be determined in how the street front of the buildings was activated with the 11 community (e.g. benches and rain gardens to invite the neighborhood to pause and interact); and 12 provided an appropriate scaleof urban amenities for this site. Ms. Myer noted that those visual interests 13 could also be incorporated into the site’s storm water management plan. 14 15 Ms. Myer reviewed the specific plans for the site, including plans for 63 parkingstalls at level (1 per 16 unit for the 3-story building); various sizes of units for a mix of 1, 2 and 3 bedrooms; common areas 17 and amenities; and provided schematic elevations to help visualize what the site could offer to residents 18 and the broader community. 19 20 Mr. Eilers addressed a preliminary development schedule and financing as detailed in their proposal; 21 with the vast majority of the funding for the project coming through tax credits with the MHFA for the 22 land, a county HOME grant for construction, MN Housing architects; and federal home loan for 23 financing, CommonBond reserves, and tax credits. Mr. Eilers noted that the tax credit application 24 process was competitive and based on availability of funding, but during that process, other funds could 25 be put in place and soft fundsacquired. Mr. Eilers clarified that CommonBond was not seeking any 26 financial participation from the City other than $100,000 for the land acquisition, but not requesting any 27 TIF or $1 land sale; opining that they did not feel that it would be necessary for the development. 28 29 Ms. Myer highlighted the Green Communities aspect, and their experiences to date in addressing their 30 firm’s sustainable growth goals, as well as those of the Roseville community. 31 32 At the request of Chair Maschka, Mr. Eilers clarifiedthat CommonBond would handle all land rentals 33 and property management to ensure quality properties that were run well and under long-term 34 ownership of CommonBond. 35 36 At the request of Member Willmus, Mr. Eilers addressed income eligibility requirements to provide 37 affordable or “workforce” housing, that would have some income ceilings, but not considered 38 subsidized. 39 40 At the request of Member Lee, Mr. Eilers addressed the use and mix of tax credits and other sources of 41 income, as well as private mortgages and/or permanent mortgages through the MN Housing Finance 42 Agency; however, he reiterated that those mortgage issues would not be problematic providing other 43 financing sources were realized. Mr. Eilers noted that 5 units in the multi-family building were 44 proposed as market rate rentals with this preliminary concept plan; and estimated no less than 4, but no 45 more than 10 home units based on regulations. 46 47 Member Quam questioned recent data and availability of tax credits through the State Allocator, and the 48 current supply/demand ratio for allocations in general; and how many CommonBond projects had been 49 successfully submitted in the past. 50 51 While not having all of the allocation data immediately available, Mr. Eilers advised that he could get 52 that information outside tonight’s meeting and provide it to HRA staff for forwarding to the HRA 53 Board. Mr. Eilers advised that CommonBond had been very successful to-date in their tax credit 54 applications, with approximately 75% of their requests being successful over the last2 years; with 60