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� ��l <br /> ` MEMORANDUM 2-9-10 Work Session <br /> To: Mayor and City Council <br /> From: Mike Gaffron, Asst. City Administrator <br /> Date: February 8, 2010 <br /> Subject: CommonBond Affordable Housing Project <br /> Attachments <br /> A - CommonBond Proposed Schedule <br /> B - Draft Letter of Intent <br /> C - Draft Letter re: Zoning and Utilities <br /> D - Pro forma <br /> E - Ron Miller email 1-21-10 <br /> F - Site Plans presented on January 26 <br /> At the January 26 work session, CommonBond presented information about their proposed <br /> affordable housing project adjacent to the Willow Drive fire station. See the minutes of that <br /> meeting for more details (included in your work session packet). <br /> Council indicated a general preference for the Option B site layout, but took no votes and made <br /> no specific commitments. <br /> Amanda Novak of CommonBond has provided a proposed schedule for this project to move <br /> forward (Exhibit A) based on application deadlines for annual funding cycles. They have a <br /> February 25`h deadline for Hennepin County HOME and CDBG funding applications. With <br /> regard to those funding applications, Amanda has also drafted two letters to Hennepin County <br /> for City signature - the first is a Letter of Intent indicating support of the project, the second is <br /> with regards to Zoning and Utilities. <br /> The Mayor had asked for a financial pro forma showing projected income, expenses, and funding <br /> sources, which is attached as Exhibit D. <br /> There are a number of questions asked by Ron Miller in late January that I'd like to be able to <br /> respond to after the February 9 work session if possible. Amanda has suggested the responses in <br /> red, some of which reflect actions not yet taken place or decisions Council has not confirmed for <br /> staf£ Council may wish to consider the suggested responses and the additional questions offered <br /> by staff(below) as a guideline for discussion in how we move forward with the CommonBond <br /> proj ect. <br /> Miller's questions: <br /> 1. Orono's overall and financial commitment to the project. The City of Orono is working <br /> closely with CommonBond to determine what their financial commitment to the CBC project <br /> will be. We have executed a letter of intent and plan to have a land value determined by Mid- <br /> March. <br /> 2. What if anything Orono gains from the project. The CommonBond development will <br /> provide the City of Orono with housing that is affordable to many of the employees that work in <br /> and for Orono (such as teachers, nurses, retail workers, etc). In addition to providing an <br /> affordable community, the CommonBond development will help the Orono move toward <br /> meeting the Metropolitan Council's density goals. <br />