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City staff identified certain non-buildabte easements on the City's parcei that directed CommonBond to <br /> assemble an additional adjacent buildable parcel to accommodate a feasible housing developrnent. <br /> CommonBond identified the adjacent parcel, owned by the Miller Family Trust, <br /> ConunonBond has been involved in the low-income housing tax credit pro��am since its inception in <br /> 1986. CommonBond was one of the first applicants 1=or tax credits in Minnesota and,as evidenced by its <br /> 49 successfu(t�credit housing communities located throughoui the metro area, Coinmon$ond has <br /> significant experience with this program. <br /> CommonBond respectfully sub�nits that there will be numerous benefits accruing to the City of Orono <br /> from this development, including: <br /> l. This development will provide ai�excellent quality housing choice for people employed in a��d <br /> near the City of Orono. <br /> 2. The site is cun•ently vacant, generating no tax revenue. This proposed project will generatie an <br /> estimated $40,000 of annual tax revenue. <br /> 3. The proposed $9,500,000 development will generate both cu►�•ent construction and long-term <br /> employment oppoctunities. <br /> 4. Residents will Ue spending money at local Orono busuiesses and contributing to economic �ro��vth <br /> in the community. <br /> 5. This community will assist the City in meeting the Met Council's affoi•dability goals. <br /> We believe the proposed townhome development will be a high quality housing option within the City of <br /> Orono. The housing community will be an asset to the community and a benefit ta the City and its local <br /> businesses. CammonBond is respectfully requesting that the Ciry Council approve a purchase agreement <br /> for the Willow Drive parcel, as well as a rezoning of the site to RPUD. <br /> Thank you for the thoughtful consideration you have provided to CommonBond's proposal to date. We <br /> loolc for�vard to continuing to worh«�ith you as we move fot�vard. <br /> 1 <br /> Sincerely, <br /> Ellen Higgins <br /> Vice President <br />