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Housing and Redevelopment Authority Meeting Minutes <br />•September 14, 2004 <br />Page 5 <br />1 <br />1) 80 Senior units <br />2 <br />2) 161 Market rate units <br />3 <br />b. <br />20% will be affordable to persons at or below 50% of the area median <br />4 <br />income <br />5 <br />c. <br />Closing/Construction <br />6 <br />1) Closing 3rd week of October <br />7 <br />2) Begin construction November <br />8 <br />9 <br />6. For Sale Housing Development <br />10 <br />a. <br />256 Stacked Flats/Condos <br />11 <br />1) 4 Buildings of 64 units <br />12 <br />b. <br />Presales <br />13 <br />1) Sales center is open <br />14 <br />a) Old JA Cadawallader building <br />15 <br />c. <br />14 presales to Date <br />16 <br />d. <br />$180,000 to $430,000 <br />17 <br />Construction <br />18 <br />a. <br />Closing on financing on September 21st <br />19 <br />b. <br />Construction to begin end of September <br />1) Footings/foundation on 2 building behind Wal-Mart <br />2) Go vertical on building adjacent to 39th Avenue <br />22 <br />3) Go vertical on 2nd building once they have 33 units pre -sold in the <br />23 <br />1 st building <br />24 <br />25 <br />7. Fannie Mae Loan <br />26 <br />a. <br />Purchase of Commercial Properties <br />27 <br />b. <br />City approved for $3,350,000 <br />28 <br />C. <br />Developer met presale requirement to have 13 units (20%) in Phase IA <br />29 <br />pre -sold before City will draw down funds for acquisition <br />30 <br />d. <br />Closed end of August <br />31 <br />32 <br />8. City Ponds <br />33 <br />a. <br />City Ponds (behind/front of Cub and behind Mini Mall) <br />34 <br />1) Conveyed to Developer for $1 each <br />35 <br />2) Developer paid for City's costs to convey them <br />36 <br />a) Conveying and terminating existing easements <br />37 <br />b. <br />Pond behind Mini Mall no longer exists <br />38 <br />C. <br />This is where Applbee's will be located <br />39 <br />d. <br />Developer has provided and recorded new revised easements required by <br />40 <br />the City <br />e. <br />Maintenance of the storm water ponds will be paid by benefiting <br />16 <br />properties <br />43 <br />f. <br />Commercial developer contracts maintenance and pays for it. Will bill <br />44 <br />benefiting properties as they are developed. <br />