EDA Minutes 03-10-2021 (Workshop Meeting)MINUTES
WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) AND CITY COUNCIL
Commissioners Present:
Commissioners Absent:
City Council Present:
City Council Absent:
Staff Present:
1. Call to Order
Wednesday, March 10th, 2021— 4:30 p.m.
Bridge Room, Monticello Community Center
Participants attended remotely and in -person.
Steve Johnson, Bill Tapper, Jon Morphew, 011ie Koropchak-White,
Lloyd Hilgart, and Jim Davidson
Tracy Hinz
Mayor Lloyd Hilgart, Jim Davidson, Charlotte Gabler, and Sam
M u rdoff
Brian Hudgins
Jim Thares and Angela Schumann
Steve Johnson called the Workshop Meeting of the EDA to order at 4:33 p.m.
2. Roll Call
3. Discussion -Duffy Development Affordable Tax Credit Housing Proposal Discussion
Jim Thares provided an introduction for the meeting and welcomed Duffy Development
Company staff —Jeff Von Feldt and Kevin Duffy, and CBRE Staff Richard Palmiter.
Jeff Von Feldt introduced the Duffy Development Company and provided history on
their organization including completed affordable housing projects throughout
Minnesota. Von Feldt explained the need for affordable and workforce housing in the
community and referenced the Housing Studies (2017, 2020) and the Feasibility Analysis
for Monticello Workforce Housing (2020). He noted that they would propose a 53-unit
affordable housing site at the same location of their previous proposal to the City in
2020, which is located at 7th Street West and Elm Street.
Von Feldt also provided an overview of different costs and sources, which included an
overview of the housing tax credit program (providing 70 percent of the project costs).
He mentioned the extreme competitiveness of the application process. The application
contains 25 scoring categories, of which, two request direct City support: 1) Readiness
to Proceed and 2) Other Contributions. He also provided an estimate of development
expenses (more than $13.7 million) and development sources for their proposed site in
Monticello. A gap of financing was identified at over $900,000, but it was noted that
amount could fluctuate depending on several factors.
Von Feldt provided more information regarding their selected Monticello site proposal.
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The building would contain three stories and provide underground parking and site
amenities including a fitness center, playground, and community room. Von Feldt noted
the need for four -bedroom units and would further refine their concept to consider
adding these units.
Von Feldt provided a timeline from application (July 2021) to construction
completion/leasing (July 2023).
4. Adjournment
Steve Johnson closed the meeting at 6:01 p.m.
Recorder: Jacob Thunander P7
Approved: April 14th, 2021
Attest.
I rThares, Economic Development Director
Economic Development Authority Minutes (Workshop Meeting) — March 101", 2021 Page 2 1 2