HomeMy WebLinkAboutResolution No. 125-25 - Resolution - DMC Funding for Loom Apartments
RESOLUTION
Authorization Approving Expenditure of Destination Medical Center (DMC)
Strategic Redevelopment Funds in Support of the Loom Apartments Project
WHEREAS, the Development Plan adopted by the Destination Medical Center
Corporation (DMCC) on April 23, 2015, as amended, (the “Development Plan”)
established certain goals and objectives of economic development, which include
creating approximately 35,000 – 45,000 new jobs, leveraging the public investment to
attract private investment, attracting new business, and expanding existing businesses,
as well as implementing strategies to attract, retain, and foster the development of a highly
skilled workforce. The Development Plan also directed a comprehensive strategy to
address all facets of building and sustaining the development district boundaries as
adopted in the Development Plan; and
WHEREAS, t he Development Plan identified a desired housing mix that includes
affordable and workforce units, as well as market-rate housing. The Five-Year Update to
the Development Plan, adopted by the DMCC on November 19, 2020 in Resolution No.
109-2020, further emphasized the need for housing, particularly with a range of income
accessibility, workforce housing, and housing near public transit. The DMCC has
determined that affordable and workforce housing within the Development District forms
a necessary component of workforce development to support the overall economic
development goals and strategies; and
WHEREAS, the project proposes 141 units of 100% affordable housing with 50% Area
Median Income (AMI) averaging across all units, located in the vicinity of 515 4th Street
NW, along Civic Center Drive (Gateway corridor into the DMC District). The project
includes:
A multi-story residential building with active ground floor space including biking
amenities
Community-oriented commercial space (~2,000 sq ft)
Public mid-block breezeway enhancing pedestrian connections
Phase I of a two-phase affordable housing initiative that will ultimately deliver 283
units of income-restricted housing (50-60% AMI)
WHEREAS, the sustainability elements of the design include:
First private development in the region to utilize on-site geothermal wells for
heating/cooling (~45% electricity and ~40% gas reduction)
Rooftop solar array
LEED Silver certification targeting
WaterSense plumbing and low-energy lighting
Electric vehicle charging stations
E-cargo bike library: and
WHEREAS, the DMCC Board approved the use of DMC Strategic Redevelopment Funds
in support of the Looms Apartment Project at their May 22, 2025, DMCC meeting in the
amount of $4,000,000; and
WHEREAS, the City of Rochester is recommending to the Rochester Common Council
to approve the $4,000,000 in DMC CIP Strategic Redevelopment fund to support the
Loom Apartments Project.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester,
MN, that the Council authorized the use of up to $4,000,000 from the DMC CIP Strategic
Redevelopment fund for the proposed Loom Apartments Project.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2025.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2025.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)