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Developer previews 180-unit workforce housing project near County Road 69; city would act as conduit for state bonds
Summary
A Twin Cities developer presented a conceptual plan for a roughly 180-unit, four-story workforce housing apartment building on a 7-acre portion of a 12-acre parcel; the developer said the project relies on state tax-exempt bond and tax-credit financing and would carry income and rent limits tied to area median income.
Shakopee — Developers representing Ruder Walton (presentation name as given) introduced a conceptual proposal on Oct. 21 for a 180-unit workforce housing apartment building that would occupy about seven acres of a 12-acre parcel near County Road 69.
Jared Ackman, representing the development team, said the four-story building would include one level of underground parking, surface parking and a mix of one-, two- and three-bedroom units. Under the proposed financing, the developer would request the city act as a conduit issuer of tax-exempt bonds so the project can access state tax-credit equity. Ackman said the team expects to apply to the…
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