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HomeMy WebLinkAbout2015-02-10 PACKET 05.A.01.City of Cottage Grove Minnesota To: Economic Development Authority Members From: Danette Parr, Economic Development Director Date: February 5, 2015 Subject: Solicitation of Market Interest for Housing The purpose of this agenda item is to share information with the EDA in relation to efforts being made to attract further development of specific housing types within the City of Cottage Grove. As the EDA is likely aware, housing development is not a function of the EDA. However, there is acknowledgement that offering housing to meet the spectrum of need and demand within the City can be important in respect to supporting economic development efforts. In response to City Council desires to increase lifecycle housing within Cottage Grove, the City will be distributing a Solicitation of Market Interest for housing to potential developers. The attached draft Solicitation of Market Interest relates to the following areas of focus: 1. Market rate independent living and assisted senior housing. 2. Below market rate independent living and assisted senior housing. 3. Market rate multifamily attached housing and apartments. 4. Below market rate detached or attached housing and apartments available to families with moderate incomes. The City has identified 10 sites as areas of focus, which can be seen on pages 6-15 within the attached proposal. The EDA will likely note that many of the designated areas are green field developments. However, there a number of redevelopment options as well, in the case of the former Majestic Ballroom, Langdon Village, and the former Home Depot sites. The inclusion of a site within the scope of the proposal should not imply the entire area would be developed for housing, but instead may just be a portion of an overall mixed use development, such as potentially in the case of Langdon Village, the former Home Depot or future Shoppes at Cottage View sites. The City will be asking for developers to submit responses by April 30, 2015. No action is necessary on the part of the EDA, but this item is instead meant for informational purposes only.