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• To achieve some of the finance related goals, we can further eliminate a single-family home <br />product because the unit count isn’t high enough to garner enough market value, tax capacity, or <br />land sale proceeds. <br /> <br />Lastly, staff would offer the final summary comments regarding the concept proposals received: <br />• Relying on 9% tax credit awards for an affordable family project could impact the timeframe we’d <br />like to achieve because these credits are very competitive and our site likely wouldn’t score very <br />well. <br />• Selecting a proposal where the developer isn’t committing to building all of the product <br />themselves could impact the City’s control over quality. <br />• Familiarity of the redeveloper and their knowledge of the New Brighton market will help with the <br />community engagement phase of the project. <br /> <br />Staff has provided the following attachments to aid in a discussion: <br /> <br />Ranking Summary <br /> <br />Redevelopment Concepts Summary Matrix (non-viable concepts shaded) <br /> <br />Financial Gap Scenarios for the viable concepts & hybrid (staff recommendation) concept <br /> <br />Staff Recommendation <br />The Commission should discuss the information contained in this memo and make a recommendation to <br />the City Council on what housing product types and redevelopers the City should engage further with on <br />the Korean Church redevelopment opportunity. Based on all of the above information, staff is <br />recommending selecting a redeveloper that is capable of delivering both an affordable family and <br />affordable senior housing product type. This could include Dominium or Sherman Associates. Secondly, <br />staff is recommending selecting a redeveloper that is capable of delivering an owner-occupied townhome <br />product. Only one developer meets that criterion, which is Pulte. This recommendation would require <br />City staff to work with the redevelopers on a partnership and plans that do not necessarily fully align with <br />the concepts they submitted, which could take additional time. <br /> <br />City staff and Jason Aarsvold from Ehler’s will be available to address questions or concerns. <br /> <br />