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REQUEST FOR ECONOMIC DEVELOPMENTAUTHORITYACTION <br />Date:6/05/2017 <br />Item No.:6.b <br />Department ApprovalCity Manager Approval <br />Item Description: Consider Sand Development, LLC Request for Resolutions of Financial Support <br />for Tax Increment Financing and Community Development Block Grant Funds <br />for Proposed Multi-Family Lifestyle Community Located Near the Southeast <br />Corner of County Rd D and Old Highway 8 <br />B <br />ACKGROUND <br />1 <br />On April 18, 2017 Sands Development, LLC presented to the Roseville Economic Development <br />2 <br />Authority (REDA)aproposal to build a 209mixed-income rental housing development on a 8.71 <br />3 <br />acre residential site located near the southeast corner of County RoadD and Old Highway 8. On <br />4 <br />May 8, 2017 at the REDA meeting, Sands Development, LLC reviewed the financial needs and <br />5 <br />support to build theproposed development that includesthree multi-family buildings,a community <br />6 <br />building, trail/sidewalk connects in and around the development as well as solar options (attachment <br />7 <br />A). <br />8 <br />The following sources of funding weresupported and resolutions were adopted by the REDA: <br />9 <br />HOME Funds <br />10 <br />The developer made application to Ramsey County for HOME investment funds. Funds of <br />11 <br />$100,000were awardedby Ramsey County onMay 9, 2017 (attachment B). <br />12 <br />Livable Communities Demonstration Account (LCDA) Funds <br />13 <br />Sand Development requestedthe City/REDA submit an application applying for Livable <br />14 <br />Communities Demonstration Account (LCDA) grant funds from the Metropolitan Council to <br />15 <br />incorporate the enhanced storm water management systems that would capture run-off water for <br />16 <br />irrigation of the site, the incorporation of asolar energy system, and connections with sidewalks to <br />17 <br />Sandcastle Park and bus stops on County Road D. <br />18 <br />REDA staff submitted to the Metropolitan Council a “Project Concept Plan” (PCP)for Livable <br />19 <br />Communities Demonstration Account (LCDA) funds that was due May 4, 2017. The PCPservedas <br />20 <br />a preliminary application to the Metropolitan Council for review of the project.Staff and the project <br />21 <br />developer team have sincemet with the Metropolitan Councilon May 22, 2017 to review the PCP <br />22 <br />and receive comments on the proposal. The Met Council will be notifying communities by June 2, <br />23 <br />2017 on whether the community is invited to proceedwitha full application requesting LCDA <br />24 <br />funds. <br />25 <br />Page 1of 3 <br /> <br />