EDA 2003 04 28CHANHASSEN ECONOMIC
DEVELOPMENT AUTHORITY
WORK SESSION
APRIL 28, 2003
Chairman Furlong called the meeting to order at 8:35 p.m.
MEMBERS PRESENT: Tom Furlong, Craig Peterson, Brian Lundquist, Bob Ayotte, Steve
Labatt and Jim Bohn
STAFF PRESENT: Todd Gerhardt, Justin Miller and Roger Knutson
REVIEW HOUSING FEASIBILITY, REDEVELOPMENT OF BOWLING CENTER
PROPERTY.
Todd Gerhardt stated the EDA had instructed staff to investigate the feasibility of affordable
housing on the bowling alley site. Julie Frick from the Carver County Housing and
Redevelopment Authority was present to provide an executive summary of her findings. She
stated that affordable housing can be done on any site, it all comes down to land and development
costs, with a maximum of approximately $10,000 per unit for land. Tom Furlong asked what are
affordable rents in the area. Steve Labatt asked for input on Centennial Hills and the Carver
County HRA' s level of involvement with that project. Craig Peterson asked what the risk would
be if the rental units didn't rent out, and how rent was determined, on cash flow or a debt
reduction basis. Julie Frick stated their goal was to break even, and outlined the planning process
she would go through performing internal market studies, etc. Steve Labatt asked Julie Frick to
explain how the Carver County HRA could make a project such as this work when a private
developer could not. She explained there are ways a city can structure land costs and that the
Carver County HRA was not a for profit entity.
Todd Gerhardt reviewed what would be on the agenda at the Economic Development Authority
meeting on Monday, May 5, 2003.
Chairman Furlong adjourned the Economic Development Authority meeting at 9:00 p.m.
Submitted by Todd Gerhardt
City Manager
Prepared by Nann Opheim