2018.06.05 WS - Laserfiche WebLink

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Community Assets & Development Department MEMORANDUM DATE: April 27, 2018 TO: Economic Development Commission FROM: Janice Gundlach, Asst. Director of Community Assets & Development/Planning Director SUBJECT: Korean Church Redevelopment Concept Proposals Background As the Commission is aware, City staff has been spending considerable time meeting with developers regarding the Korean Church redevelopment opportunity. The intent with these meetings was to learn what experienced developers think the pros and cons to a redevelopment are, what the scope of redevelopment uses are, as well as if they personally have interest collaborating with the City on a project. City staff and Ehlers’ staff (Jason Aarsvold) met with the following developers from mid-February – early April: • Aeon* • Sand Companies • Dominium* • Schafer Richardson* • Sherman Associates* • MWF* • Northbay Companies* • Timberland Partners* • Stuart Companies • Pulte * • Inland • Alatus* • Norhart Based on our discussions, the developers above noted with an asterisk (*) have expressed further interest, with all but Northbay submitting concept redevelopment proposals to date. Summary points learned from these meetings include: • Commercial, retail, or mixed use isn’t viable • Affordable housing for families and seniors (multi-family rental) is the most likely due to demand and using 4% tax credits (9% tax credits would be tough due to competitive process) • Market rate multi-family housing is tough, but could be done if City offered enough financial assistance to close the gap between construction costs and market rents • For-sale single family and townhomes may be viable • Senior rental, both affordable and mid-market, is viable • Senior cooperatives and one-level townhomes is not viable