Proposed $52.5 million four-story apartment building consisting of 227 apartments and all related improvements including the installation of off-site infrastructure such as sidewalks and pathway connections within the North Forest Road Right-of-Way to address existing pedestrian safety concerns. The Agency's financial assistance is necessary for the project to be economically feasible based on a wide range of factors including increased construction costs for both labor and materials and stringent lending requirements including increased interest rates and equity contribution requirements.  Additionally, the requested assistance will enable the Applicant to pay for off-site infrastructure improvements and to include workforce housing units priced at 80% of AMI [10% - 15% of the apartments] per discussions with the AIDA staff and elected officials.  Workforce housing is identified as a Town economic development priority in the recently completed Strategic Economic Development Plan.

Public Hearing - 10/5

Board Review - 10/20