Mayor and Board of Trustees

Transcription

1 Mayor and Board of Trustees Specially Called Meeting Minutes Plaza Drive Woodridge, IL 0 Thursday, July, 0 :0 PM Werch Board Room I. CALL TO ORDER The Specially Called Meeting of the Mayor and Board of Trustees of the Village of Woodridge was called to order by Mayor William Murphy at :0 PM Thursday, July, 0 in the Werch Board Room of the Woodridge Village Hall. II. PLEDGE OF ALLEGIANCE Clerk Nystrom led those present in the Pledge of Allegiance. III. ROLL CALL Upon Roll Call by the Village Clerk the following individuals were: Attendee Name Title Status Arrived Gregory Abbott Trustee Anne Banks Trustee Pamela Beavers Trustee Absent Gina Cunningham-Picek Trustee Joseph Kagann Trustee David Pittinger Trustee Eileene Nystrom Village Clerk William Murphy Mayor Attendee Name Title Status Arrived Kathleen Rush Village Administrator Absent Peggy Halik Assistant Village Administrator Tom Good Village Attorney Ken Boehm Chief of Police Chief Chris Bethel Director of Public Works Deborah Freischlag Director of Finance Michael Mays Jack Knight Director of Community Development Management Analyst /Deputy Village Clerk

2 Specially Called Meeting Minutes Page July, IV. WORKSHOP ITEM A. Senior Housing Workshop Director Mays provided an overview of the senior housing development proposal that has been submitted by the Alden Foundation. The purpose of the workshop is to receive Board feedback on two specific issues. The first is the Board preference on the elevation design and the second is the purchase price proposed by the developer. Mays introduced Beth Demes and Barry Mullen of the Alden Foundation, and Robert Kim architect for the Alden Foundation. They have developed two conceptual plans for the development. There is a three story concept that is in height and a four story concept that is in height. Staff recommends that the Board consider the four story option because the smaller footprint will provide more space to accommodate landscaping and fulfills the Village s objective to provide certain view states of the redeveloped Pine Ridge site located east of the senior housing development. There is a minimal difference in height between the two buildings and the four story building provides architectural details that will complement the area. Beth Demes thanked the Board for holding this meeting and complimented the staff and elected officials on the process and professionalism. She provided background about the Alden Foundation, including that they are a not-for-profit organization focused solely on the development of senior housing. Ms. Demes invited Robert Kim to review the conceptual site plans for both the three and four story buildings. Mr. Kim described both concepts. He explained that the building footprint on the four story concept is,000 square feet smaller and a little bit more contemporary than the three story concept. Director Mays advised that the Plan Commission has provided feedback and prefers the four story concept. Trustee Pittinger asked about the higher elements on some of the rooflines. Mr. Kim explained that the elements are an architectural element that he uses to accentuate the ends of the building. The differential is approximately three feet. Trustee Pittinger stated that the differential in height between the two buildings is really five feet rather than two. Mayor Murphy asked if the Board had any concerns with the four story proposal. There were no concerns expressed. The Board supports the four story proposal. Director Mays moved the Board to the question of whether they support the land sale price of $00,000 proposed by the Alden Foundation. Director Mays reviewed the independent process that was used to determine what the Village was likely to achieve in the sale of the property. That evaluation determined that

3 Specially Called Meeting Minutes Page July, it would fall in the range of $00,000-$00,000. Director Mays explained that the Alden Foundation is able to obtain donation tax credits on the difference that they pay for the land and its market value; and the Village, by selling below the market rate, has made a donation to the development. This donation enables the Village to require that a certain number of units in the building be set aside for Woodridge residents. Beth Demes provided some background on the affordable housing process, the project scope (including number of units by pricing levels), and, project financing. The tax credit process is extremely competitive. Alden structures its projects to ensure that they are best positioned to score the most points. Ms. Demes described the funding sources that will finance the project. While the Alden Foundation cannot make the Village whole in terms of the investment that has been made in acquiring the land, the Village will benefit from quality single housing to the Village for years to come. Mayor Murphy asked what happens to the Woodridge preference units if no Woodridge residents take advantage of the offer. Ms. Demes did not have the answer, but stated it has never happened. She noted that there was already a substantial residential waiting list that Village staff has amassed from interested Woodridge residents. Trustee Abbott asked what happens if the financing is not received at the anticipated levels. Ms. Demes explained that the numbers are anticipated, not guaranteed. She fully expects that the numbers will change. At the end of the day the Foundation has always been able to acquire the needed financing even if the numbers in each line item change. Trustee Abbott expressed concern about the financing risk. Director Mays affirmed that fear, but explained that that is one of the reasons why Alden was selected because they have been one of the most successful developers in obtaining the government financing. If the financing does not fall into place, the Alden Foundation will not purchase the property. Trustee Banks asked for an explanation of the Alden Foundation s development history. Ms. Demes stated that they have received tax credits for all projects. Trustee Pittinger asked how much time each tax credit application cycle will take. Ms. Demes stated that this year the application cycles were approximately six months apart which was a little longer than in previous years. Trustee Pittinger confirmed that once the tax credit award is received, the other financing all falls into place. Trustee Pittinger asked if there is a specific time table that will be established that will allow Alden to have the site control they need in order to move forward with the process. Attorney Good explained that the Village can accommodate a schedule that meets Alden's needs yet at the same time gives the Board some

4 Specially Called Meeting Minutes Page July, flexibility in stopping the options to continue with the project. Trustee Pittinger inquired about the Board's ability to give input on the development. Attorney Good explained that while the Agreement has not yet been drafted it can be designed in any way that is agreeable between the parties so that you may have certain cycles or periods at the end of which the Board would have as a matter of right the option to make a decision on whether to continue the Agreement. The only thing Alden needs is the right to take title to the property at the end. If the Board doesn t exercise the option or the Agreement expires, then the parties can agree to go a different way and unwind the Agreement. Director Mays added that staff would be looking for Board input on what they would like to see in the Agreement. Conceptually the Agreement will set the sales price, it ll establish a timeframe in which the project has to be accomplished or revert back to the Village, and it will tie the development to the conceptual plans and the preference the Board has made with the four-story conceptual plan. The project has to go through the entitlement process, which includes the Planned Unit Development (PUD) process, zoning, and proper public hearing process. The Agreement gives Alden some framework within which they can proceed. It can include other items that the Board would like to give guidance on tonight and then it will come before you for consideration at the July Village Board Meeting. Trustee Abbott asked what we paid for the property. Director Mays explained that it was part of an overall $. million that was tied to the 00 development agreement. Of that $. million, $. million was an incentive to the owner of Pine Ridge, now The Maples, which reimbursed 0% of the cost of improvements to the development. The remaining $.m was used to purchase the vacant and undeveloped land, purchase and demolish the existing apartments, and to provide an additional incentive to reduce density. Trustee Abbott asked how the $00,000 was arrived at. Ms. Demes explained that it was part of the underwriting process which ultimately determined what Alden could afford. Trustee Pittinger asked how much of the $ million facility goes to other Alden groups. Ms. Demes explained that the construction company is an Alden group, but the design and engineering is contracted out. Profits are limited by IHDA for the construction, developer fee, and design fee that come back to Alden. Trustee Abbott asked if the other Alden companies are not-for-profit. Ms. Demes explained that they are privately owned companies. All of the Alden entities are owned by one owner. The Alden Foundation is a separate not-for-profit corporation. She explained that the construction costs are competitive.

5 Specially Called Meeting Minutes Page July, Trustee Pittinger asked Director Mays asked for the range from the consultant for the sale price. Director Mays stated it was $00,000-$00,000 for a 00 unit facility. Trustee Pittinger asked from a contractual standpoint if financing comes in higher than anticipated, is the Village still locked in at the $00,000 level. Ms. Demes explained that the land price has to be set in order for IHDA to calculate amounts within their guidelines. In response to an inquiry from Trustee Abbott she explained that the purchase of the land is the last thing that is done after all of the financing is in place. Mayor Murphy polled the Board on their comfort level with the $00,000 purchase price. Trustees Cunningham-Picek, Kagann, Pittinger, Banks, and Abbott were supportive of the $00,000 purchase price. He noted that Trustee Beavers early today expressed her support of the $00,000 price. Director Mays explained that this will next come before the Board at the July Village Board meeting. He then reviewed the timeline for the project. The next step will be to bring the development agreement to the Village Board for approval on July. Steps beyond that include: Summer/Fall 0 Zoning approval; Winter 0 IHDA application due; Spring/Summer 0 secure financing and submit for building permits; Fall/Winter 0 close on property and break ground; Winter 0/0 occupancy. Mayor Murphy expressed the Board s appreciation to the excellent work conducted by staff and by the two trustees and two Plan Commission members who participated on a subcommittee to assist with this process. He thanked Beth Demes and her group and said that the Village looks forward to working with Alden on this successful project. V. ADJOURNMENT Motion to adjourn. RESULT: ADOPTED [UNANIMOUS] MOVER: Joseph Kagann, Trustee SECONDER: Gregory Abbott, Trustee AYES: Trustee Abbott, Trustee Banks, Trustee Cunningham-Picek, Trustee Kagann, Trustee Pittinger The Specially Called Meeting of the Mayor and Board of Trustees of the Village of Woodridge held at :0 PM on Thursday, July, 0 in the Werch Board Room of the Woodridge Village Hall was adjourned at : PM. Respectfully submitted,

6 Specially Called Meeting Minutes Page July, 0 Margaret Halik Assistant Village Administrator Office of the Village Clerk Eileene Nystrom Village Clerk Approved: William Murphy Mayor