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Developer North,
<br />South,
<br />both?
<br /># of
<br />units
<br />Unit Type Land Purchase Price TIF & Other Assistance Requested
<br />(estimates)
<br />Total Project Valuation
<br />(approximate)
<br />Timeline Projected TIF Generation
<br />(26 years)
<br />Projected Tax Capacity
<br />(once decertified)
<br />Dominium Both 440 150 market rate apartments,
<br />170 affordable senior
<br />apartments, 120 affordable
<br />apartments
<br />$6,000-$8,000/unit or
<br />$2,640,000 -
<br />$$3,520,000
<br />$5,490,000-$6,820,000
<br />($6,000-$8,000 per unit subsidy for
<br />affordable units & $25,000-$30,000 for
<br />market rate units)
<br />$105 million
<br />($61,700,000)
<br />Q1 2019, 14-18 months to
<br />complete
<br />$8,288,000 $561,000
<br />Schafer
<br />Richardson
<br />North only 257 162 market-rate apartments,
<br />80 affordable apartments,
<br />15 rental townhomes
<br />$2,330,000
<br />($10,000/unit for
<br />market rate & TH,
<br />$7,000/affordable
<br />unit)
<br />$5.7 million (affordable needs
<br />$15,000/unit, market rate & TH needs
<br />$25,000/unit)
<br />$52,660,560
<br />($38,710,000 – rental TH
<br />@ $160K/unit)
<br />Phased beginning in Q1 2019
<br />w/market rate & TH,
<br />affordable 2nd in Q3 2019
<br />depending on tax credit
<br />awards
<br />$6,376,000 $426,000
<br />Pulte &
<br />Schuett
<br />Companies
<br />Inc.
<br />both 202-211 100-109 owner-occupied
<br />townhomes & 102 mid-
<br />market senior apartments
<br />w/services
<br />$2,010,000-
<br />$2,145,000
<br />$0 (developer assumes City will cover
<br />demo costs)
<br />~$44 million
<br />($41,022,000 - $160K per
<br />rental unit; $250K per
<br />TH)
<br />TH – end of 2018 (or asap)
<br />Senior – Spring 2019
<br />$6,365,000 $451,000
<br />Sherman
<br />Associates
<br />North only
<br />(wants
<br />option on
<br />south for
<br />future
<br />phase)
<br />248 70 affordable apartments,
<br />84 senior apartments, 94
<br />market-rate apartments
<br />$2,000,000
<br />
<br />Option to purchase
<br />south site for
<br />$400,000
<br />$6,611,000
<br />
<br />Cost of public amenities shown not
<br />included (City would retain ownership)
<br />$57,304,000
<br />($37,580,000)
<br />Phased beginning in Q2 2019
<br />w/either senior or market
<br />rate, affordable last &
<br />depends on tax credit awards
<br />
<br />12-14 month
<br />construction/building
<br />$6,280,000 $419,000
<br />Aeon both 279 119 affordable apartments,
<br />15 single-family owner-
<br />occupied, homes, 25 owner-
<br />occupied townhomes, 120
<br />affordable senior
<br />apartments
<br />$1,250,000 $4,715,000 (proposal suggests
<br />opportunities to reduce this amount)
<br />$52,088,712 million +
<br />($41,506,000)
<br />(does not include SFH &
<br />TH, which would be
<br />market driven)
<br />
<br />Aeon would bring in
<br />partner for SFH
<br />Single-family & townhomes 1st
<br />
<br />Senior 1st in summer of 2019,
<br />multi-family 2nd, contingent on
<br />securing LIHTC (4% for senior
<br />& 9% for multi-family)
<br />
<br />12-18 months for multi-family
<br />$3,807,000 $292,862
<br />MWF South only 84 All affordable apartments $1,200,000 (deferred
<br />30 year loan repaid at
<br />3% interest)
<br />$1,200,000 (land) + $1,145,000 of TIF =
<br />$2,345,000
<br />$20,598,351
<br />($10,920,000 – 130K per
<br />unit)
<br />Start Spring 2019, depends on
<br />4% tax credit awards
<br />$1,062,000 $75,600
<br />Timberland Both
<br />(maybe
<br />north only)
<br />236 151 affordable apartments,
<br />85 market-rate apartments
<br />$0 $6.7 million
<br />
<br />Approximately $47-$48
<br />million
<br />($33,230,000)
<br />Spring 2019 $4,410,000 $305,900
<br />Alatus North 50 50 units of single family ? (developer did not
<br />commit to paying
<br />anything for the land)
<br />? (developer did not provide details but
<br />suggested assistance would be requested
<br />for “infrastructure obligations and
<br />improvements”)
<br />?
<br />Developer does note the
<br />proposed home starts at
<br />$299,900 = $15,000,000
<br />?
<br />Developer did not provide
<br />details
<br />$2,404,000 $187,500
<br />Northbay North
<br />(~5 acres)
<br />89 17 single family homes, 72
<br />units of market-rate micro-
<br />apartments (in 2 buildings)
<br />? ? ? ? ? ?
<br />
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