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HRA Meeting Minutes – Tuesday, May 20, 2014 Page 5 1 outlined in Section 4.0 of the staff report, as amended to include adoption of Resolution No. 2 57. 3 4 At the request of Chair Maschka, Ms. Kelsey defined work force housing at an annual income 5 limit of <$35,280 for a head of household, clearly separate from Section 8 housing typically 6 considered as an “affordable housing” definition. Ms. Kelsey noted that rents on those 7 affordable housing units may be somewhat lower than the remaining 20% market rate units, 8 the 110 units in the market rate rentals in the other building would speak to that income 9 restriction; and provide those at starting workforce wages or seniors on restricted incomes to 10 qualify. 11 12 Andy Hughes, Project Manager with Sherman Associates 13 Mr. Hughes noted that the projected rent for the 1-bedroom units was $750 to $800/month; and 14 2-bedroom units at $900/month, and require employment. Mr. Hughes projected that the 15 unrestricted, market rate units would be about 200/month higher. 16 17 Chair Maschka spoke in support of the building design. 18 19 Member Majerus questioned how the project could and would be marketed in the midst of an 20 industrial area. 21 22 Mr. Hughes recognized it would be challenging in this urban redevelopment site; however, he 23 expressed confidence in the vision of Sherman Associates for this site, and the advances made 24 to-date with the clean-up of the Walmart site and access and visibility from I-35W and I-694; 25 and along with the Park and Ride located in the vicinity, it provided several amenities fro the 26 community and resident of the property. 27 28 Chair Maschka concurred, opining that someone had to start the process. 29 30 At the request and recommendation of Member Elkins, Mr. Hughes advised they had not yet 31 considered working with the Federal Home Loan Bank in Des Moines, IA, but would willingly 32 research that option. 33 34 At the request of Member Etten, Mr. Hughes provided a brief presentation of the proposed 35 project, and reviewed various components. Mr. Hughes noted that the 3-bedroom units were 36 all walkouts, and that the play area could be expanded further as the developer partnered with 37 the City to enhance Langton Lake Park. While recognizing the challenges in developing this 38 project, Mr. Hughes spoke enthusiastically and noted the success of Sherman Associates in 39 their long-term management of sites; and expressed their interest in the site becoming an 40 amenity for the community and provide a concrete plan for moving the Twin Lakes 41 Redevelopment Area forward. Mr. Hughes noted that their firm considered all three identified 42 funding sources as a last resort, but were found necessary to identify them to provide for the 43 feasibility of the project itself and show local support for other stakeholders. 44 45 Member Etten noted the ongoing comments heard at the City Council level from property 46 owners and developers to complete the Twin Lakes Parkway connection; and opined that this 47 was a valuable component of this proposed project. Member Etten asked for identification of 48 other outside funding sources. 49 50 Ms. Kelsey responded that those sources were identified in the staff report, and reviewed the 51 portions of the project, including infrastructure requirements to apply to the total estimated 52 Parkway at $650,000, and applicable funding applications. 53