Council approves bonds and contract amendments for 82-unit Beltline Station affordable housing project

The St. Louis Park City Council approved resolutions authorizing multifamily housing bond issuance and related contract amendments for the Beltline Station affordable housing development, a planned 82-unit project at 3120 Monterey Drive.

Redevelopment Administrator Dean Porter Nelson told the council the financing package includes city and EDA financing, housing bonds, tax increment financing, an affordable housing trust fund loan, low-income housing tax credit equity, project-based vouchers from the St. Louis Park Housing Authority and private mortgage financing. The majority of units are designated at 30%–60% area median income (AMI), with a significant number of two- and three-bedroom units intended to serve families.

Nelson said the affordable-housing portion of the development had not yet begun construction; he expects financing to close by year-end and construction to start in January, with completion anticipated about one to one-and-a-half years later (approximately 2027). Council members noted the city does not expect a net cost for the city’s general fund and will collect an administration fee on the bonds (staff estimated roughly 1% or about $145,000 on an approximately $14 million bond issuance, subject to final numbers).

Council moved and approved the bond resolutions and later approved required amendments to development agreements so the project could close on financing and proceed. No public testimony was provided during the hearing. Council members said the project advances the city’s long-range housing goals and aligns the affordable housing’s opening with expected light-rail service planned around 2027.