There is concern in the public about um the density of low income in one building. And if I'm not mistaken that is part of the requirement the low income housing is part of the requirement to get the bonds. So could somebody maybe walk folks through that because people are worried about that and yet that's how the program works.

As Brent had mentioned we'll be using income averaging here. So while the average income of the units works out to 60% there will be a a wider band going down to 30% AMI all the way up to 70 and you know really the the 70% rents in pretty much every market in the US get very close to market rents. So that really helps us accomplish the diversity of unit types and incomes at the property and you know hopefully not concentrate a certain income level in one community.

This is something we've been working has been worked through staff and through this council for a while now. It it does I appreciate the mayor's interest there in making sure we don't collocate too much of the sort of the workforce housing in one spot and and we've had some other projects where it's been moved around other parts of the city. So I think it's been done well.

Is there any unique things we have to do when the city is both the approver and the requester?

Yes. Yeah, I want to remind everybody there's two phases to this project, but especially on the southeast quadrant, uh adjacent to the, uh what's known as the Ampie site, that will be, uh an opportunity with public realm, uh places to stop. There'll be, uh access down to the riverfront. So, yes, we've had to scale back from the very first rendering, uh to make sure we remain on budget, but yes, there will be it'll be a great place to come and visit and hang out as a community member.

I want to make sure that we do not underperform and disappoint the folks in that neighborhood who gave us a lot of input about what they wanted and we made a lot of we yes, we'll do this and so I see nodding, so I think they're familiar with this concern, but I just want to raise it and I appreciate, uh Council member uh Wall member mentioning this, too, because it's an important, uh part of our job.

I guess I'm expressing my interest in the lot. I I do have a couple questions about it. Um one being if I guess let me back up. The neighbor next to the other side of the lot, I had spoken with her and she is not interested in that half. So, I'm I guess I'm putting my uh I guess what I'm trying to say is I'd I'd be interested in the other half as well if that's feasible. And I was wondering what um possibly the tax increase would be on that. And I guess I was

Regarding the you know who the property is uh you know, who it ends up with after the resolution is recorded. That's a function of the County Assessor's Office. It's not you know, the function of staff or the City Council for that matter. I guess the decision at hand is whether or not you want to vacate this street or not. Um we anticipate that each half will go to both property owners.

it can't be because it's right-of-way. So, we can't we can't sell it as a lot. It's not a lot. Okay. Um going back to your earlier question about is it an easement? Most right-of-way is an easement. It's not a lot. It's not a property. So, what I'm saying is it's not fee title. Sometimes we do have roads that are a parcel that we own. But that's pretty uncommon. Most streets are an easement that is called right-of-way over top of it. And when we vacate it, it goes back to the adjacent property owner.

We have approved a couple of others in recent years, neither of which were built. I'd love to hear your assessment of the current market for rental townhomes. What research have you done that would lead you to believe this is really the right thing for Rochester?

To you and the developer, thank you for adding more units to our fold. I believe that adding a housing option for a rental in an area like this is a good good idea. So, thank you for providing that.

Right now, it's it's very difficult to finance projects. I think you know, you were alluding to uh with a project that was presented earlier this evening and using TIF um to help uh finance this property is really imperative to getting it done.

Typically, you would take 30% of that and divide that by 12. So, what could that particular unit be expected to rent for? Well, they also have in the chart, they also have uh maximum rents based on bedroom size. Yep. So, like someone at 30% AMI for a studio would be $660. Okay. A one-bedroom would be $706. Two-bedrooms, $848.

By creating a uh TIF district, uh we are not adding to the property tax of anybody in town. That is correct. We uh will benefit in the long run by the great improvement on a set of properties that currently are quite under-developed. That is correct.

Well, the units at that 40 or at the 30, 50, and 60% will be taxed at a 40 rate, which is 0.25 instead of 1.25. So, basically, they're paying about 80% less than what a market rate project would be paying in taxes. So, it doesn't generate generate much in taxes. That's why it's taking so long to get to that number.

Just doing a quick quick Google search. Uh uh average rental market rate rental for a studio apartment for one person in Rochester is $1,228 to $1,286 per month. So by uh awarding this financing at that 30% AMI, it's making something that is unattainable for something someone very attainable.