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Wo* Session Memo— Housing Discussions <br />July 23, 2010 <br />Page 3 <br />There are a few things to highlight about this proposal: <br />1) The developer is requesting $1.5 million of assistance to make the project <br />work. The pro forma identifies a $500,000 land payment ($4,000 per unit) <br />and a TIF assistance of $2.0 million. It appears that the funding would be <br />used to reduce the coat of development and therefore any gap in rents. One <br />key question for Council is whether the City should provide this level of <br />assistance. <br />2) The City does not have $1.5 million of TIF cash available, so if there is <br />interest in negotiating with Stuart Company, this amount would have to be <br />reduced. This assumes, of course, that the City is willing assist the <br />development at all. <br />3) Staff has shared the NWO Design Guidelines with the developer and <br />additional analysis is needed to determine whether the concept conforms to <br />these standards. Some initial feedback is that the building setbacks and mof <br />designs might need to be addressed as part of the building design. The City <br />may also need to consider modifications to its NWO Code to accommodate <br />the project if modifications cannot be made. <br />Staff Recommendation <br />If there is interest in moving ahead on the NWO, the Stuart Company proposal seems to <br />have the greatest potential. Staff would like an opportunity to focus our attention on <br />negotiating a development package (term sheat) with Stuart Company for a period of 30 <br />to 45 days and give Council an update in late August or early September. If the <br />parameters are acceptable, the parties would have move aggressively during the fall <br />and winter on a development agreement and land use approvals. If not, the City could <br />waft to pursue other opportunities that might arise later. <br />Attachments <br />