Redevelopment Administrator Dean Porter Nelson presented the Beltline Station affordable housing project (3120 Monterey Drive), an 82-unit development financed with a combination of city/EDA financing, housing bonds, TIF, an affordable housing trust fund loan, low-income housing tax credit equity and private mortgage financing. The majority of units are targeted to serve households at 30%–60% of area median income, and several units are supported by project-based vouchers from the St. Louis Park Housing Authority.

“There are no changes to the agreements that are going to impact the city's investment,” Dean Porter Nelson said, describing financing that would allow the project to close before year-end and begin construction in January with completion expected in roughly 12–18 months.

Council opened the public hearing; no members of the public testified. Council moved and approved both the bond issuance resolution and a resolution approving contract amendments needed by the project's lenders and equity investors. Council also approved a related amendment to the redevelopment agreement. A councilmember noted the bonds total approximately $14 million and that the city would earn a 1% administrative fee on issuance.

The approved actions enable the project financing to proceed to closing; staff said the affordable housing portion had not yet started construction and closing was anticipated before the end of the year, with construction starting shortly after closing.

Next steps: staff will finalize bond documents and contract amendments to permit closing and project construction to begin.