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Council reviews term sheet to convert 10499 Innovation Drive hotel into apartments; TID, affordability questioned
Summary
Council discussed a term sheet with Samapa Development to convert 10499 Innovation Drive into micro‑studios and some one‑ and two‑bedroom units. Staff said developer expects per‑unit rents roughly 60–80% AMI but there are no tax‑credit restrictions; members pressed for a project plan, capital reserves and TID geography.
The Common Council reviewed a term sheet brought forward by the Financial Affairs Committee to convert the property at 10499 Innovation Drive from a hotel to multifamily housing.
Finance staff said the developer envisions a mix of micro‑studios, one‑bedroom and a handful of two‑bedroom units, and indicated target monthly rents that would make many units available to…
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