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Development Agreement <br />1. The original development agreement requires at least 60 units of senior housing, <br />either owner occupied or rental. Would this assisted living project qualify as <br />senior housing? If so, this project meets the minimum requirement. Consideration <br />should be given as to whether this meets the intent of "senior housing" in the <br />development agreement. <br />2. Consideration should be given to the current market trends in senior housing, <br />which often offer "continuum of care" facilities. At one time the Legacy <br />developer was planning a senior housing project. A separate assisted living <br />facility could deter the development of that type of facility within the <br />development area. Does this short term resolution to the hotel use deter future <br />senior markets from locating here, setting up an additional obstacle to full <br />development? <br />3. The development agreement allows for a maximum of 450 housing units in the <br />development area. Again, will assisted living be considered housing? If so, that <br />removes a potential 60 units of housing from the existing residential districts. <br />4. The development agreement requires that 60 percent of the housing units in the <br />development area be owner occupied. Will assisted living be considered rental? <br />If so, this represents an additional hurdle to future housing development, <br />especially in light of the current housing market. An additional 60 units of rental <br />on parcels not designated for housing would further skew the rental /owner <br />occupied mix. <br />Tax Increment Financing <br />The hotel is within the TIF District. The city has obligations that are dependent on Tax <br />Increment taxes generated within the TIF District. The impacts on the amount of taxes <br />generated if the use were changed to a different property classification would have to be <br />determined. <br />This is not a complete inventory of all possible issues. However, at a minimum, this <br />change of use would require an amendment to the PUD for Legacy at Woods Edge to <br />allow assisted living in the commercial district. <br />Requested Council Direction <br />The developer is looking for input from the city council regarding this change of use in <br />the Legacy project before pursuing this matter further. <br />Attachment(s) <br />1. Letter from Winkelman Building Corp. <br />2 <br />