The Community and Economic Development Committee met 05/10/2023. The only action item on the agenda was a request to approve the second amendment to the city’s development agreement with Rise Apartments.
The property consisted of 3 lots. The developer had been proposing to build 48 units on the southern lot, but now was requesting to build a 40-unit apartment building on the southernmost parcel and 8 townhomes on the middle parcel with parking located on the northernmost parcel.
They also wanted to assign the development agreement from the originally approved entity of MF Housing Partners, LLC to Rise Apartments, LLC. The committee voted 5-0 to approve the changes.
I’ve prepared a transcript of the discussion for download.
Economic Development Specialist Matt Rehbein told the committee that they did not expect the proposed changes to result in changes to the overall value of the project since it was still going to be 48 units, just split up differently. The city was not adjusting the TIF amount they were contributing because they were still anticipating the same assessed value when the project is complete.
He also noted that the City Attorney’s Office had looked over the paperwork related to assigning the development agreement over to Rise Apartments, LLC from MF Housing Partners, LLC and was fine with that.
Alderperson Israel Del Toro (District 4) asked if these changes were going to impact the completion date of the project. Mr. Rehbein responded that it would not, and that construction was going to be starting very soon.
Director of Community and Economic Development Kara Homan said that the developer was working on buttoning up all of their final agreements including not only the items before the committee but the ARPA grant agreement approved earlier this year, a grant agreement with Outagamie County, and some WHEDA tax credit paperwork.
Alderperson Denise Fenton (District 6) wanted to confirm that the mix of multi-family dwelling units and townhomes was not changing from the original plan. Mr. Rehbein answered that the original plan had been for 43 dwelling units across a multi-family complex and townhomes. The first amendment to the development agreement had changed the development to be for 48 units but only within a multi-family complex. The second amendment was keeping the number of units at 48 but bringing it back to a multi-family complex and townhomes. The mix of affordable units (43) to market-rate units (5) remained the same.
The committee voted unanimously to approve the requested changes.
View full meeting details and video here: https://cityofappleton.legistar.com/MeetingDetail.aspx?ID=1101170&GUID=F36DA57E-4F95-439C-9526-95CAFA9607E0
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