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MINUTES OF THE <br /> ORONO PLANNING COMMISSION MEETING <br /> Tuesday,February 19,2019 <br /> 6:30 o'clock p.m. <br /> long-term ownership and that they intend to build a portfolio of income properties. Trident has a sister <br /> company also officed in St. Cloud by the name of Lion Contracting, who has built all the properties that <br /> Trident has developed over the last 13 years. <br /> Trident has constructed approximately 900 apartment units ranging from Chanhassen and the other <br /> suburbs of the metropolitan area. Trident also specializes in the senior living/senior housing market and <br /> have constructed over 1,000 units. <br /> Fink stated they would like to name this development Crystal Bay Luxury Apartments or Crystal Bay <br /> Luxury Homes. An analysis of the community itself, as well as the pricing and unit costs,has been done <br /> to some degree and it is felt that this development will attract a wide variety of professional singles and <br /> young couples, empty nesters,and transitional homeowners. Trident also expects to see a population of <br /> millennials who prefer rental housing. The household income brackets are anticipated to range between <br /> $31,000 to$65,000. The lower brackets would probably qualify for the studio apartments and occupants <br /> of the two-bedroom units would need to earn around$65,000. Fink noted this is not an income qualified <br /> project, but that Trident does verify income and employment of all renters. <br /> Trident will be opening a brand-new property this month in Maple Grove and this development will <br /> probably have similar amenities, such as 9-foot ceilings, a kitchen appliance package, hardwood cabinetry <br /> with pulls and handles, a functional center island,washer and drier, luxury vinyl flooring throughout most <br /> of the unit,granite countertops,LED lighting package, self-contained air and heat systems, window <br /> treatments on all the windows, a private balcony,two panel decorative interior doors, and a curved wall <br /> feature in some of the interior units. <br /> Outside the units in the common areas will be a spacious lobby. All floors will be serviced by elevators. <br /> The building will also include a fitness center, community party room, interior trash and recycling space <br /> located in the underground parking garage,bicycle storage, a game room, lockers,and outdoor patio <br /> space with seating and a fire pit. Another popular amenity is a package handling system with the tenant <br /> being notified by email or text of a package delivery. The building will have secured controlled building <br /> entry points as well as a surveillance camera system. <br /> It has also been Trident's practice to hire a third-party professional management company and they will <br /> be relied upon to enforce the rules,perform background/credit checks, and employment/income <br /> verifications. <br /> Fink stated they are excited to bring this development opportunity to Orono and that in their view they <br /> can meet or exceed all of the City's performance standards. <br /> Libby commented this is a 21St century rental housing development and is commiserate of other well- <br /> thought of developments. Libby noted there is good demand for housing in this area and that Mr. Fink <br /> has made it quite clear that this is not low-income housing. As it relates to the studio units, Libby <br /> commented he has seen an escalated spiral for rental rates in the Twin Cities area, and asked whether the <br /> rent would be about 50 percent of the gross monthly income of someone who is making around$31,000. <br /> Fink indicated they have recently updated some proforma market rates for another property in <br /> Minneapolis and that they brought this development into line with those rents. Trident has not done a unit <br /> by unit pricing for this project yet but it likely would range around$2 per square foot or$1,100 for a <br /> studio apartment. <br /> Page 11 of 16 <br />