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HRA Meeting Minutes – Tuesday, May 19, 2009 Page 3 Chair Maschka opined that this was a great opportunity, and noted his enthusiastic support for positive partnerships such as this; and encouraged further incentives in City ordinances supporting those positive steps; in addition to more opportunities for information-sharing as a critical need. 10.Action/Discussion Items a.AEON/Har Mar Apartments Housing TIF District Recommendation Executive Director Trudgeon announced the upcoming Public Hearing at the City Council on June 15, 2009 on the creation of a Tax Increment Financing (TIF) District for development of new affordable housing units at Har Mar Apartments. Economic Development Associate Jamie Radel provided a summary of the staff report dated May 19, 2009 detailing this discussion regarding gap financing for Phase II of the Har Mar project. Ms. Radel noted that Phase I was fully funded from other sources, and was proposed to move forward yet this year. Ms. Radel noted, however, that the Phase II portion of the project was experiencing an approximately $914,000 financing gap. Ms. Radel briefly addressed TIF thresholds and calculation criteria for TIF Housing Districts; and noted that the Springsted, on behalf of the City, was currently reviewing and analyzing the financials provided by AEON. AEON Representatives Jeanna Segnah (SP?) AEON Vice President of Housing Development provided a bench handout to members, attached hereto and made a part thereof, of their presentation materials, and proceeded to review their status as a non-profit housing developer, AEON’s mission and experience with other developments in the metropolitan area. AEON ______ (title?) Dan Walsh provided a broader sense of AEON’s work by presenting before and after pictures of renovations on other projects; addressed the goal of AEON in sustainability and preservation of existing facilities, based on cost-benefit analyses, rather than demolishing those facilities. Mr. Walsh reviewed historic preservations completed to-date by AEON, and their vision for pedestrian pathways and connections, in addition to stormwater management of the Roseville site. Mr. Walsh provided an overall Redevelopment Plan for Har Mar Apartments, as part of a city- wide effort to create a healthy housing community; to provide local employment opportunities; and reviewed the specifics of the Phase I and Phase II portions of the project. Those specifics included preliminary site plans (still in process); redesign of parking and lot configuration to maximize green space; extensive landscaping and rain gardens to manage drainage on site; security improvements; energy efficiencies for the HVAC systems; and reviewed current vacancy levels and space use, both prior to and sine AEON’s acquisition and implementation of their new marketing and active management strategies. Mr. Walsh noted that part of AEON’s philosophy was to improve crime prevention through design amenities and by providing ownership of common areas of their buildings by those renting the units and encouraging social interaction among renters. Mr. Walsh provided a tentative timetable for renovation of Phase I and Phase II; discussed various funding sources for each respective phase; and complementary units (1, 2 and/or 3 bedrooms) to address needs for those preferring to work and live in Roseville, creating a desire for 2-3 bedroom units and to provide a broader range of housing options for families in the work force. Mr. Walsh advised that 92% of funding for Phase II was covered from other various sources, with the TIF assistance sought for the remaining gap. Mr. Walsh assured HRA members that