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324 Project

It's quite the unique concept when it comes to housing.

Posted: Tue Sep 11 20:48:55 PDT 2018
Updated: Tue Sep 11 20:48:55 PDT 2018

Speech to Text for 324 Project

Below is the closed-captioning text associated with this video. Since this uses automated speech to text spelling and grammar may not be accurate.

thank you for joining us ? i'm katie lange./// first tonight ? it's an issue plaguing cities all over the country. affordable housing. the problem is widespread enough in minnesota that the governor created a task force to tackle it. the group released a plan just a few weeks ago... with 30 recommendatio ns to improve access to good ? affordable homes in the state./// in rochester alone... the average price of a home just 3 years ago was about 189?thousand dollars. that cost sits at 249? thousand today... according to the olmsted county housing and redevelopment authority. that's a 60? (thousand dollar increase in the last 3 and a half years. but homeowners aren't the only ones impacted./// renters have been facing a similar struggle. and now ? we're learning a new housing development in downtown rochester that would seem to be an affordable option ? is actually being designed for other reasons. kimt news 3's brooke mckivergan is learning everything we need to know about the plan for micro? apartments. brooke ? what exactly are they? katie ? it's really a unique concept. as you can see from these renderings... the 3?2?4 project is set to look like any other apartments from the outside. but the units are actually much smaller on the inside.xxx these so called micro apartments will be at 324 1st avennue southwest... just down the street from a lot of rochester's night life. there will be 50 units and their square footage will range from 440 to 880... and rent will run around 1 thousand dollars per month. city council member mark bilderback says while the apartments won't exactly be considered affordable ? when you look at where they'll be located ? the price is pretty fair. "were getting a lot of new things built but you're not getting a lot of housing that's on the affordable side they're usually a little bit higher up because they're downtown, so when you're looking at a thousand dollar apartment or maybe a little bit less in downtown with all of the amenities of downtown then thats a pretty good deal." when it comes to these units getting in the way of more affordable housing moving in to rochester ? bilderback says the community doesn't need to worry yet. that's because the developers haven't requested tax increment funding ? or tif ? which is a method of financing public and qualifyig improvements from the increased property taxes generated from new development that would not occur 'but for' the assistance provided... meaning increased taxes used to make improvements.// / the developers will be going to the planning and zoning board tomorrow and then on to city council. and that's where we'll learn if they are seeking tif./// thanks brooke. it'll be interesting to see what the communities reaction will be as the project moves forward./// it felt
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