Approve Acknowledgement of Receptivity of Livable Communities Funding from Metropolitan Council; Case of Aeon

Aeon is requesting the 'Acknowledgement of Receptivity of a Metropolitan Council LCA Funding Award' be signed by the City of Ramsey in order to complete their applications for this round of funding from the Minnesota Housing Finance Agency (MHFA). The Metropolitan Council grant funds are a subset of a larger housing assistance pool that is awarded annually through the MHFA. City funds are not part of this request. The form demonstrates local support for the project and notes an openness to utilize Metropolitan Council funds for the project. The Metropolitan Council is a grant awarded to the City, not the Developer. The grant is passed from the City to the Developer. Demonstrating receptivity increases the chances Aeon will be awarded funding through MHFA.

The form states that the City of Ramsey would make funding available to the Aeon through any Local Housing Incentives Account (LHIA) award for Phase 2 of Greenway Terrace if an award is made. This would require a local funding match; however, the City has been able to find other opportunities other than City dollars in the past. Signing this form does not provide final obligation to award the grant required by state statutue.  The matching funding for Phase 1 was provided through the Anoka County HRA.

The City has previously voiced support for this project during meetings and by staff writing a letter of support to the Minnesota Housing Finance Agency. This same form was signed with Aeon's first phase of Greenway Terrace.

The form is attached.

Project description:
The proposed apartment building has approximately 60 workforce housing units, ranging from 1 to 4 bedrooms. The proposed project has parking on the first sub-level, partially sub-grade, with units on levels 1 through 4. Each floor has approximately 15 units. The current site plan shows a community garden, a playground, and the building will mirror phase 1 in order to create a courtyard between the buildings.

The site is generally on the west half of the parcel north of E Ramsey Parkway, east of East Town Center Dr, south of 146th Ave NW and west of Traprock St. Phase 1, approved in 2017, is currently being built and is located east of this project. The site is zoned COR 4c, generally allowing a minimum density of 15 units per acre. The site is approximately 1.4 acres.

The City of Ramsey Community Development Department wrote a letter of support for this project to the Minnesota Housing Finance Agency as Aeon attempts to secure financing for this workforce housing project. This project supports the goals of the City in relation to transit-oriented development, workforce housing near the COR and Northstar Station, and will help us reach the goals of our 2040 Comprehensive Plan.

Staff is handling this portion of the review as part of normal duties.

Staff recommends the City Council direct Staff to sign the form on behalf of the City of Ramsey, acknowledging City support of the project.