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HRA approves development agreement with Arboda Lofts for 16-unit Grand Marais project
Summary
The Cook County Housing Redevelopment Authority approved resolution 26-25 to finalize a development agreement with Arboda Lofts LLC for a 16-unit multifamily project at 1800 West Highway 61 in Grand Marais, including affordability provisions and a $100,000 ARPA contribution.
The Cook County Housing Redevelopment Authority voted to approve a development agreement with Arboda Lofts LLC for a 16‑unit multifamily housing project at 1800 West Highway 61 in Grand Marais, passing resolution 26‑25 by voice vote. The board approved text changes that clarify the developer name, funding sources and operational covenants for affordable units.
In presenting the agreement, Executive Director Jeff explained several edits: the developer name was changed to "Arboda Lofts LLC," project assistance was defined to include workforce housing development program funds, HRA funds and the value of property as determined by the Cook County assessor, and a $100,000 contribution from ARPA funds remains available. Jeff said the operating covenants include a 60‑day good‑faith marketing period and a new flexibility: "if the developer in the future cannot fill a unit for a qualified applicant at that 60 or 80% AMI, we're allowing them to sell that unit at market rate," to be offset by leasing an equivalent unit to a qualified applicant when available.
Commissioners pressed for further clarity on force‑majeure protections, matching requirements from Minnesota Housing and whether the 10% "wiggle room" would affect qualification thresholds; Jeff said any party may request written amendments if material market changes impair viability and that amendments would require appropriate approvals and supporting financial information. Developer representative Ryan Nelson described his firm's experience and said the entity will be owned by two partners; Nelson noted past projects including Gunflint View.
The motion to approve included language allowing the chair and vice chair to approve necessary non‑substantive modifications without convening a full board and was seconded. Chair called the question and the resolution carried by voice vote. The board and staff said the city council and the local EDA must still take action on conveyance and funding commitments before site work begins.
