[0:00] - [Announcer] One, two, three. [0:03] - This is [0:04] the culmination of a lotta work over many, many years. [0:08] There is probably not a more visible site in Bloomington [0:12] than this project right here. [0:14] - [Brad] Well, we're here today to honor [0:15] and celebrate the commencement of the Rosalyn, [0:18] in conjunction and cooperation with the city of Bloomington, [0:21] who was the owner of the site. [0:23] - [Mike] So, the Rosalyn is a 128-unit [0:25] senior affordable apartment building [0:28] that's being built at the 700 American property. [0:31] - These are really hard projects to do, [0:33] and what excites us is just being able [0:35] to get to the project, get it going, [0:37] get it started, getting it built, [0:39] creating 128 units of brand new, attractive housing. [0:43] And it's very visible. [0:44] It's close to the freeway. [0:45] American Boulevard is highly trafficked. [0:47] Nicollet is highly trafficked. [0:48] It's very close to the road. [0:50] It'll be very visible in the community. [0:52] It is well designed. [0:53] It'll be a beautiful project. [0:55] It'll be a pleasure and an honor to go by [0:57] and say "we had a role in making this happen." [1:00] - 128 units on the two-acre parcel [1:02] is a very dense development that is happening. [1:04] So we're excited to see that the city supported the project [1:08] through providing an affordable housing trust-fund loan, [1:12] a low interest loan that's better than [1:14] they would get in the market. [1:15] But we also sold the property at a reduced price [1:18] to help support the project because of the affordable units. [1:21] We also helped them to secure some grants [1:23] through the Med Council and Hennepin County. [1:26] - The share of senior households continues to increase. [1:30] So, what that means is we need more housing opportunities [1:33] for the older folks. [1:34] And the other trend that's occurring at the same time is, [1:38] and this is a nationwide trend, [1:39] is senior households continue to be more vulnerable [1:42] and at risk in terms of household income, [1:45] being able to live comfortably into retirement [1:48] on a smaller budget. [1:50] So, making sure that there are affordable opportunities [1:53] for those senior households is doubly important. [1:55] So, this is a project which will give that opportunity [1:59] to households above 55 years or older [2:02] who are earning annual income that's around 50% [2:05] of the area median income or less. [2:08] We're allocating eight project-based vouchers [2:11] to the Rosalyn, [2:12] and those households will be able to earn 30% [2:15] of the area median income or less. [2:17] That's a pretty deep level of affordability [2:19] for those households. [2:20] So, we're excited to see those [2:22] project-based vouchers deployed. [2:24] - It takes a lot of people to get these projects done. [2:26] I feel like a broken record whenever we do these events [2:29] because that's the message is that [2:31] this is just not easy work, [2:33] and it's not possible for one company [2:36] or one group of people to make it happen. [2:38] - [Kenny] It takes a team effort to build affordable housing [2:40] and this truly is multi-jurisdictional, [2:42] multi-agency support for this project. [2:45] So, we're very glad to see that happen. [2:47] - Just wanna say a big thank you to the city of Bloomington. [2:50] Again, this was a very difficult project. [2:51] It took a long time, they always do. [2:53] But yet the city hung in there, stuck with us, [2:56] helped us come up with solutions, [2:58] and we're grateful for that partnership. [3:00] - We're very excited about the project [3:01] and we're looking forward to coming back [3:03] in about 18 months time for the grand opening. [3:05] - So, thank you everyone. (crowd applauds) [3:08] (bright music fades)