03-11-2019 Council Packet - Laserfiche WebLink

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MINUTES OF THE ORONO PLANNING COMMISSION MEETING Tuesday, February 19, 2019 6:30 o’clock p.m. _____________________________________________________________________________________ Page 2 of 4 Barnhart indicated it would likely be the City’s responsibility but that he would need to verify that. The stormwater sewer system is similar to the City’s road system and ultimately the City will need to maintain that. Roger Fink, Senior Vice President of Trident Development, stated they are based out of St. Cloud and were formed approximately 13 years ago. The company’s business model is to design these properties for long-term ownership and that they intend to build a portfolio of income properties. Trident has a sister company also officed in St. Cloud by the name of Lion Contracting, who has built all the properties that Trident has developed over the last 13 years. Trident has constructed approximately 900 apartment units ranging from Chanhassen and the other suburbs of the metropolitan area. Trident also specializes in the senior living/senior housing market and have constructed over 1,000 units. Fink stated they would like to name this development Crystal Bay Luxury Apartments or Crystal Bay Luxury Homes. An analysis of the community itself, as well as the pricing and unit costs, has been done to some degree and it is felt that this development will attract a wide variety of professional singles and young couples, empty nesters, and transitional homeowners. Trident also expects to see a population of millennials who prefer rental housing. The household income brackets are anticipated to range between $31,000 to $65,000. The lower brackets would probably qualify for the studio apartments and occupants of the two-bedroom units would need to earn around $65,000. Fink noted this is not an income qualified project, but that Trident does verify income and employment of all renters. Trident will be opening a brand-new property this month in Maple Grove and this development will probably have similar amenities, such as 9-foot ceilings, a kitchen appliance package, hardwood cabinetry with pulls and handles, a functional center island, washer and drier, luxury vinyl flooring throughout most of the unit, granite countertops, LED lighting package, self-contained air and heat systems, window treatments on all the windows, a private balcony, two panel decorative interior doors, and a curved wall feature in some of the interior units. Outside the units in the common areas will be a spacious lobby. All floors will be serviced by elevators. The building will also include a fitness center, community party room, interior trash and recycling space located in the underground parking garage, bicycle storage, a game room, lockers, and outdoor patio space with seating and a fire pit. Another popular amenity is a package handling system with the tenant being notified by email or text of a package delivery. The building will have secured controlled building entry points as well as a surveillance camera system. It has also been Trident’s practice to hire a third-party professional management company and they will be relied upon to enforce the rules, perform background/credit checks, and employment/income verifications. Fink stated they are excited to bring this development opportunity to Orono and that in their view they can meet or exceed all of the City’s performance standards. Libby commented this is a 21st century rental housing development and is commiserate of other well- thought of developments. Libby noted there is good demand for housing in this area and that Mr. Fink has made it quite clear that this is not low-income housing. As it relates to the studio units, Libby