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Council approves predevelopment agreement for 60‑unit affordable family apartments
Summary
The Marshall City Council approved a predevelopment agreement with Tapestry Companies for a proposed 60‑unit family apartment complex aimed at households at or below 50% of area median income; the developer will apply for Low‑Income Housing Tax Credits and use a mix of local housing aid and city economic development funds as incentives.
The Marshall City Council approved an updated predevelopment agreement with Tapestry Companies for a proposed 60‑unit affordable family apartment complex targeted at families earning no more than 50% of the area median income.
Lauren Deitz, economic development director, told the council the project will include one‑ to four‑bedroom units and has been revised after prior applications to the Minnesota Housing Finance Agency’s Low‑Income Housing Tax Credit (LIHTC) program. “Tapestry Companies is proposing a 60 unit apartment complex with 1, 2, 3, and 4 bedroom units aimed at families earning no more than 50% of the area median income,” Deitz said. She added the project has applied in prior years and that staff shifted the site to Legion Field Road to reduce infrastructure costs.
Deitz described the proposed incentive package: two years’ worth of the statewide affordable housing aid allocation, $100,000 from Parkway funds reserved for future housing growth in Parkway 3 and 4, and an additional $100,000 from economic development funds provided through Marshall Municipal Utilities. The application deadline is in July; Deitz said the project typically learns whether it is included in scoring in the fall and expects a final funding decision by the end of the year.
Tim Trimble, a representative of Tapestry Companies, thanked the city and said the project scored better this year: “Last year, our point score was 128. We were the next project, and the funding ran out. They’ve softened the point scoring a little bit this year, so the bar has been raised a little. Right now, our point scoring sits at 138,” Trimble said. He added his expectation that the project could proceed if successful in the LIHTC round.
Council members asked about amenities and site layout; Deitz said the concept includes shared amenities such as playgrounds, a dog park and a common grill area rather than individual unit grills. The council moved, seconded and approved the predevelopment agreement. Deitz and Trimble said the project would return with additional detail if it secures financing.
