GRANT FOR BLOCK 53 REDEVELOPMENT 

Over the past several years, one of the priority redevelopment sites the City has been working to complete, has been The Landing on Block 53, located at the southeast corner of HWY 41 and 1st Street along the river. The intended use of the site has always been a multifamily housing develpment to create a connection to the river and to increase the density of housin in the downtown area to support downtown businesses. Whil a slow down in the economy has brought several potential developers in and out of the project, Aeon Development now appears to be able to go forward with the project, with the hope of breaking ground in the summer of 2010.

The Landing is proposed to be an approximately 50-unit senior affordable rental building to serve those with limited income. Th development would give seniors easy access to services in the downtown area and the trail system.

At this time, Aeon Development has received two grants totaling almost $900,000 from the Met Council and the Mn. Department of Employment and Economic Development. A third and final grant they are currently seeking is through HUD to support the construction of the poject. Aeon is hopeful they will receieve this third programs in the past. Aeon should know the results of the grant by mid winter. At the November 30th meeting of the Chaska Economic Development Authority, a purchase agreement with Aeon will be considered for the site to allow them to move forward with development, if they should receive the grant.