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February 12, 2024 <br /> <br /> <br />Diamond View and Stadium flats apartments located near the ballpark. Maps were <br />shown as to where the development will take place. Project cost is $25.3M. The required <br />private investment is $21.5M with an estimate of over $30M. Diamond View apartments <br />are affordable housing units. RealAmerica contracted with Logan Community Resources <br />to provide housing for some of the people that they work with. The space will also have a <br />dedicated community space for those residents. Stadium Flats is the name for the two <br />market rate buildings. Each building will house forty-five market rate units. <br /> <br />On January 11, 2024, the Redevelopment Commission approved a development <br />agreement which provided $3.8M in TIF funding to be split between the two housing <br />projects. The commitment from RealAmerica is $21.5M with a completion date in thirty - <br />six months. Due to state guidelines and requirements, the affordable building will be <br />completed end of 2025. <br /> <br />Redevelopment Commission approved two resolution which helped the project move <br />forward authorizing the TIF funds to be in the form of a loan. The city started working on <br />this project in 2021. It started with a tax abatement. IHCDA announced an award for the <br />project in January 2023. Redevelopment Commission approved a third amendment to <br />the purchase agreement in May 2023. Common Council reconfirmed an eight -year tax <br />abatement in June 2023 and then re-confirmed the tax abatement for the market-rate <br />building. The last steps would be for the Economic Commission to approve the reports <br />and resolution. Common Council will approve once more, and Redevelopment <br />Commission will meet to vote on signing the loan documents. RealAmerica is planning on <br />breaking ground next month. <br /> <br />B. Approval of Project Report <br />Mr. Erik Glavich presented the project report which is reflected in 4A for approval by the <br />Economic Development Commission. Michael Surak, VP RealAmerica noted that the <br />cost estimate is on the lower side. They are looking at spending $16M on the affordable <br />housing side and around $20M on Stadium Flats. <br /> <br />Secretary Renata Matousova asked what the AMI breakdown would be. <br /> <br />Mr. Surak noted that Diamond View is eighteen units at 30% AMI, twelve units at 50% <br />AMI, twelve units at 70% AMI and eighteen units at 80% AMI. <br /> <br />Secretary Renata Matousova asked if this is a forgivable loan and what the terms are. <br /> <br />Mr. Glavich stated yes, it is a forgivable loan. The terms included the requirements by <br />RealAmerica aligned with the development agreement approved by the Redevelopment <br />Commission which includes the private investment amount, job creation and the tax <br />abatement. <br /> <br />Commissioner White asked what part of the agreement is specifically for the Logan <br />Center. <br /> <br />Mr. Surak stated that there are twelve units. These units are set -up for roommate <br />situations. They will be three-bedroom units that will be larger. All units have the same <br />materials used throughout both buildings. The building will include retail, a café, and <br />other types of stores. The folks at Logan Center are excited about the apartments.