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From YouTube: January 9, 2019 Housing Policy & Development Committee
Description
Minneapolis Housing Policy & Development Committee Meeting
A
I'm
calling
to
order
this
meeting
of
the
housing
policy
Development
Committee.
This
is
our
first
meeting
of
2019
our
regularly
scheduled
meeting
I'm
cam
Gordon,
chair
of
the
committee
and
joined
today
by
Vice
Chair,
Jeremy,
Ellison,
Kevin,
Reich
and
Jeremy
Schroeder
and
I'm
sorry
Schrader.
We
have
six
items
on
our
agenda
to
our
public
hearings
with
land
sales
and
the
other.
A
Four
are
consent
items
I
think
I'll
quickly
go
through
the
consent
items
and
any
committee
members
would
like
to
pull
something
up
for
discussion
can
do
so
and
welcome
council
member
bender
glad
to
have
you
here.
Consent
items
are
as
follows:
the
first
one
number
three
on
our
agenda
is
a
family
housing
initiative,
funding
for
Penn,
Avenue,
Union,
affordable
housing
project.
A
That's
something
we're
going
to
hear
about
in
our
public
hearings
as
well
item
4
is
authorizing
steps
to
continue
with
project
analysis
for
the
latest
rehousing
phase,
one
affordable
housing
project,
that's
at
410
and
414
Westlake
street
item
five
is
accepting
the
2018
metropolitan
council.
Livability
community's
demonstration
grant
awards
and
item
six
is
accepting
other
grants
from
the
Metropolitan
Council
of
livable
communities.
Local
housing
initiative
account.
Would
any
committee
member
like
to
pull
any
of
those
four
questions
or
comment?
A
Seeing
none
then
I'll
move
the
consent
agenda,
all
those
in
favor,
please
say
aye
opposed,
say.
No.
That
motion
carries
and
now
we'll
move
on
to
our
two
public
hearings.
I
think
we'll
hear
about
them
both
at
the
same
time.
This
has
to
do
with
a
project
at
and
Penn
Avenue
at
2200,
Golden,
Valley
Road
and
some
various
addresses
right
up
there.
I'm
gonna
have
a
brief
report
from
Miss,
Gilda
or
oh
I'm.
Sorry
I
was
wrong.
Surprise.
B
Surprise,
chair
Gordon,
Thank,
You
committee
members.
The
report
before
you
provides
background
information
and
details
on
the
sale
of
three
city
owned
parcels
located
at
2,200,
Golden
Valley,
Road,
1911,
Penn
new
north
in
1915,
Penn
Avenue
north.
The
parcels
are
all
contiguous,
totally
nineteen
thousand
nine
hundred
and
twenty-one
square
feet
and
are
being
recommended
for
sale.
B
The
project
will
also
feature
first-floor:
commercial
retail
space
for
Sammy's,
Avenue,
eatery,
additional
programming,
space
for
building
blocks,
underground
parking,
innovative
stormwater
management
systems,
community
garden,
outdoor
playground,
space
picnic
tables
and
grills
for
the
residents,
bicycle
parking,
public
art
and
other
amenities.
The
total
development
costs
are
estimated
at
19.7%.
B
Agenda
the
Northside
residence
Redevelopment
Council
has
been
apprised
of
the
project
and
the
land
sale.
They
have
also
been
involved
in
reviewing
the
project.
Since
its
inception,
the
land
is
being
sold
for
its
fair
market
value
of
one
hundred
and
nineteen
thousand
eight
hundred
and
twenty
dollars
and
the
sale
is
in
compliance
with
the
city's
disposition.
Policy
staff
is
recommending
the
sale
of
twenty
two
hundred
Golden
Valley
Road
1911
Penn
Avenue,
north
and
1915
Penn
Avenue
north
two
building
blocks
or
an
affiliate
for
the
full
resale
value
of
happy
to
take
any
questions.
A
B
B
Before
I
begin
that
brief
report,
I
want
to
bring
your
attention
to
an
error
in
the
staff
report,
I
apologize.
The
report
incorrectly
identifies
Sterling
Bank
as
the
bond
purchaser.
That
is
not
right.
The
bond
purchaser
is
Cedar
Rapids,
Bank
and
Trust
again
regarding
the
Penn
Avenue
Union
project.
I
am
in
front
of
you
today
with
a
recommendation
for
final
approval
of
tax
exempt
multi-family
housing
revenue
entitlement
bonds
in
an
amount
not
to
exceed
nine
point.
B
Six
million,
if
approved
this
bond
allocation,
represents
the
final
piece
of
financing
needed
to
close
the
project,
and
we
would
hope
to
close
some
time
in
March.
The
nine
point.
Six
million
dollar
bond
allocation
enables
the
project
to
meet
the
required
50%
test
and
will
generate
approximately
6.2
million
in
tax
credit
equity,
which
also
acts
as
a
source
of
funds
to
the
project.
B
The
bonds
would
be
issued
in
two
series
series:
a
would
be
permanent
debt
to
the
project
in
an
amount
of
just
over
six
and
a
half
million,
and
the
Series
B
bonds
would
represent
the
construction
loan
in
an
amount
of
just
over
three
million.
Again,
total
development
costs
for
the
project
are
estimated
at
19.7%.
A
Thank
you
very
much
and
I
just
want
to
make
sure
that
we
correct
the
public
record
and
the
staff
report,
so
we
have
the
correct
underwriter
so
make
sure
that
that
happens.
I
don't
see
any
questions
on
that
at
this
time.
So
I'm
going
to
open
the
the
public
hearing
and
I'm
open
this
public
hearing,
so
we
can
talk
about
both
the
land,
sale
and
the
bond
issuance.
Is
there
anybody
here
who
wishes
to
speak
about
the
projects
at
Penn,
Avenue
and
Golden
Valley
Road.
C
This
is
a
thank
you
guys
for
your
time.
This
was
a
long
do
coming
and
go
ahead
managers
just
how
Devon
George
the
developer
born
and
raised
in
North
Minneapolis.
This
is
phase
2
of
vision,
I
started,
and
we
are
happy
that
we
are
at
this
point.
These
final
approvals
and
I
couldn't
be
more
excited.
If
you
guys
have
any
more
questions
for
me,
please
do
ask
I,
don't.
A
A
D
A
Right
so
then
we
have
a
motion
to
approve
the
land
sale
and
also
the
bond
issuance
at
2,200
goals
in
Valley,
Road
and
other
addresses
all
those
in
favor,
please
say
aye
any
opposed,
say
no.
That
motion
carries,
and
that
concludes
the
agenda
for
today
and
our
meeting.
So
this
meeting
is
adjourned
today,.