Consideration of the Development Agreement, loan agreement, disposal of City-owned property and other steps necessary to commence construction on the Scott Street Workforce Housing Project.
John Adams continued his presentation outlining the overall structure and city investments regarding the Scott Street Property construction financing. He detailed the council actions for consideration including the Donation Agreement, the Collateral Agreement, the Development Agreement, the Purchase and Sale Agreement, the Sale Proceeds and Loan Agreement, the Dedication of Sale Proceeds, the City Construction Loan to Ravara, and the MRA Resolution of Intention. Please see the attached video for further information.
Mr. Adams highlighted and thanked the many partnerships involved in the process. He remarked on the precedence and significance of the project as well as the projected outcomes including neighborhood amenities, foundational infrastructure, moderately priced housing units, and income qualified housing. Mr. Adams introduced Kiah Hochstetler with Ravara Development and Joe Westenberg with First Security Bank commented on the timeline, the positive relationships, the resources, the knowledge, and the challenges faced throughout the process to bring the project to fruition. Mr. Hochstetler mentioned that the culmination of this process would establish a template for future projects of this nature.
The committee questioned the following:
- The Urban Renewal extension
- The workforce housing price range compared to the market rate housing range
- Maintaining affordability throughout the construction process, the potential difference this could create and the possible cost controls in place to address this concern
- The childcare space
- The timeline of the replacement of White Pine Park and the potential for expansion
Councilman Nugent made the recommended motions.
There was no public comment.
A member of the committee commented on the use of TIF funds. Many Committee members spoke in support of the project.