The developer behind a proposed 820-bedroom student apartment complex is willing to pay as much as $2.46 million into the city’s affordable-housing coffers to make sure its project gets approved.

The Bloomington Plan Commission will conduct another review of Collegiate Development Group’s proposal Monday evening to decide whether a two-building student apartment complex should be built at 1800 N. Walnut St., where Motel 6 currently stands.

The Evolve Bloomington student apartment complex, located less than a mile from Collegiate Development Group’s proposed site, was approved in 2016 to bring 746 bedrooms to the area in exchange for a $1 million contribution to the city. The city’s planning staff is recommending the plan commission advance the project to the city council with a favorable ruling.

“The petitioner has proposed a contribution to be placed in the Housing Development Fund to be used to provide affordable housing units elsewhere within the city,” the packet reads. “The department believes this petition will adequately achieve the goals of the Comprehensive Plan and benefit the community as a whole. The incorporation of affordable housing with this project has been an important aspect.”

Missouri-based Collegiate Development Group wants to build a pair of five- to six-story buildings with up to 820 fully-furnished bedrooms across 270 units. One building would house a 410-space parking garage and 12,000 square feet of commercial and amenity space.

Since it was reviewed last month, Collegiate Development Group’s petition now includes several pedestrian connections. There’s a proposed sidewalk connection to the south and a new pedestrian path proposed that would connect the campus to North Varsity Lane to the east. The petitioner also increased the number of proposed bicycle parking spaces to one space per every four bedrooms.

Collegiate Development Group also sent a letter to city Planning and Transportation Director Terri Porter to provide an equation for how much it will contribute to the city’s affordable housing fund. The letter says Collegiate Development Group will pay $20,000 per bed for 15% of the total beds built on that property. At that rate, 15% of the maximum 820 bedrooms would leave Collegiate Development Group on the hook for 123 bedrooms, at $20,000 each.

One-quarter of that total $2.46 million would be due when the city grants Collegiate Development Group its building permit, and the remainder would be paid when the city issues the developer its occupancy permit.

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