East Bethel City Council has approved, in separate 4-0 votes, the developer agreement and tax increment financing for construction of a 67-unit apartment complex. It will be built at the southwest corner of Highway 65 and 185th Avenue, by EB Properties, LLC. Also approved were the final plat and Sauter District Planned Unit Development elements of the project.
In addition to the initial complex, East Bethel Village Apartments, a second phase of the project would include a 39 unit assisted living building with an on-site medical clinic. Future housing, should the demand support it, include plans for a second 67-unit apartment complex.
Developer Real Asset Management has built similar housing projects in Isanti, Cambridge and most recently in Morris, Minnesota. The company has been working the city staff to gain project approval for the past eight months.
Of crucial concern for the developer was approval of the TIF package. The Village Apartments portion was approved for a 15-year term, not to exceed $826,000. Traditions of East Bethel will have a $509,000 maximum and a nine-year term. TIF reimbursement, as stated in the developer agreement, shall be for site improvement costs, including landscaping, foundation and footings, grading/earthwork, survey, environmental testing, soil borings, site preparation, on-site utilities and utility connection fees, storm water ponding, outdoor lighting, on-site road, curb, gutter, driveway, sidewalk and streetscape improvements and parking.
The three-story building will have one, two and three bedroom units, with at least 20 percent allotted for low or moderate income tenants. There will be on-site management staff and security cameras throughout the complex. Amenities will include a community room inside and a picnic area outside of the building, as well as a fitness center and covered balconies.
Construction will begin in 2017, weather permitting, with completion scheduled for June of 2019.