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MINUTES <br />CITY COUNCIL, <br />JANUARY 23, 2002 <br />Montour asked if Dominium would own the building. Johnson reported that it is <br />likely that they would, and Common Bond would own the assisted living building. <br />Anderson asked if both senior projects would be constructed at the same time. <br />Johnson replied that construction times would be very close. <br />Doug Mayo, Common Bond, indicated that they are proposing 60 units of assisted <br />living, and feel that there is a market for this housing and that the number of units <br />was very manageable. <br />Johnson indicated that utilizing City financing would reduce the cost of certain <br />functions. He indicated that Dominium, Rutzick, and Common Bond have the <br />background to do the project. <br />Carson asked the facade treatments that would be used for the assisted living <br />component. Mayo reported that they have no plan as yet, but would work to meet the <br />City's requirements. He indicated that they are confident that they can comply with <br />the City's vision for this corner. <br />Fahey noted that Dominium develops primarily market rate housing. Johnson <br />indicated that this project would be market rate housing that would be marketed <br />exclusively to senior citizens. <br />Fahey asked about office or retail use of the 25,000 square feet of retail space. <br />Johnson indicated that they have restricted themselves to retail use, but office use <br />would be an option. Johnson anticipated retail uses that would lend themselves to the <br />senior population such as a coffee shop or restaurant. He noted, however, that <br />restaurant uses have intense parking demands, although that demand is limited to <br />certain times of the day. <br />Fahey asked the development time frame. Johnson estimated 5 to 6 months to get <br />through the HUD approval process with construction starting in August or <br />September. Johnson anticipated that it would be 12 to 18 months before units would <br />begin renting. <br />Council thanked Dominium for their presentation. <br />FARNHAM Brad Farnham appeared before the Council and presented a development concept that <br />calls for 25,000 square feet of retail space, 80 units of co-op senior housing, 46 units <br />of senior rental congregate housing, and 60 units of assisted living housing. Farnham <br />expressed his confidence that his firm could put together this project. <br />Farnham reported that the retail/commercial piece is the weakest link of the proposal <br />given that the area is so unattractive. He anticipated it would require a $3 per square <br />