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10.4. SR 09-08-2020 Request for Action To Item Number Mayor and City Council 10.4 Agenda Section Meeting Date Prepared by Work Session September 8, 2020 Amanda Othoudt, EDD Item Description Reviewed by Riverwalk Apartments TIF Discussion Cal Portner, City Administrator Reviewed by Action Requested For discussion Background/Discussion Sun Rae Apartments, LLC submitted an application for Tax Increment Financing to construct two 89-unit apartment complexes located at 17354 Zane Street, Elk River. This project is proposed as a Redevelopment TIF District. The applicant is requesting 90% of the available increment over 26 years. The project is proposed to be completed in two phases with the first phase completed by 2023 and the second phase completed by 2027. Annual real estate taxes collected between the three parcels is $10,706. The estimated real estate taxes upon completion of phase I is 193,964 annually. Phase II is estimated at the same, for a total of $387,928 annually. Staff is seeking direction from the council on their interest to entertain a TIF application from Sun Rae Apartments, LLC. Financial Impact N/A Mission/Policy/Goal The City of Elk River shall utilize TIF to encourage desirable development or redevelopment that would not otherwise occur but for TIF. Attachments  Riverwalk Project Narrative  Aerial Map The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity. Updated: August 2020 Owner: Sun Rae Apartments, LLC Project: RIVER WALK Apartments / Saxon site Subject: Narration of Project -River Walk Apartments- The existing Saxon site is where the Briggs Companies will pursue a new updated use that will fall inline with the new updated guide plan for this zone. The Briggs Company believes this will be a much-needed uplift to the city and surrounding community. It is our goal to bring more of a residential use to this site. It is our intent to construct 2 phases of a New 89-unit, 4 story Apartment Building consisting of 58-- Studios, 84-- 1 Bedroom Suites and 36-- 2 Bedroom Suites. 178 Total Units. 1st -4th floor exterior façade would include a combination of Horizontal & 6” EDCO Steel siding & Cultured Stone. Aluminum Trim Coil for Accents on all balconies to include Steel Railings and Maintenance free decking, with a privacy wall on each balcony. All Trims including Garage doors, soffit, facia, to include Aluminum Wrap Accents. 180 indoor parking stalls, 180 Uncovered parking stalls. Together we will provide a people movement and use that will give the city of Elk River a wonderful park trail opportunity for future generations. This site would operate within the guided comprehensive plan set forth by the city of Elk River, a 26 year Redevelopment TIF project @ a 90% capture rate will allow us to obtain financing to bring this application to the finish line.. As the submittal shows we are requesting a P.U.D application on this project. The current comprehensive plan calls for the RIVER WALK use to exist, see the City of Elk River domestic report. This facility only requires a small amount of parking allowing a proof of parking application for the multi- family concept we are proposing, Patrick Briggs Manager Sun Rae Apartments, LLC 37 6.2 © Bolton & Menk, Inc - Web GIS 0 Legend Riverwalk Apartments This drawing is neither a legally recorded map nor a survey and is not intended to be used as one. This drawing is a compilation of records, information, and data located in various city, county, and state offices, and other sources affecting the area shown, and is to be used for reference purposes only. The City of Elk River is not responsible for any inaccuracies herein contained. Disclaimer: 9/2/2020 2:38 PM 263 Feet City Limits Urban Service Area Parcels (1-24-2017) Park Areas