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12
<br /> Mike Morrison—Northwest Quadrant Redevelopment
<br /> September 17,2003
<br /> Page 2
<br /> The Development will be divided into the following three phases:
<br /> . �
<br /> Develo menuDesu ed �,� a lopm n
<br /> ent� 2toota e/#uof _ a°� Defau'1 ate
<br /> x,- �.rg slue on
<br /> Phase I Big Box 142,000 S /Ft 2004 -2005 Spring 2004 June 1,2005
<br /> Phase I Retail 56,000 S /Ft 2004-2005 Spring 2004 June 1,2005 $18.81
<br /> Phase I Office 25,000 S /Ft 2004-2005 Spring 2004 June 1,2005 Million
<br /> Phase I SAV 11 8,800 S /Ft 2004-2005 Spring 2004 June 1,2005
<br /> Phase I Market Rate 220 Units 2004-2006 Fall 2004 July 1,2005' $19.8 Million
<br /> Apartments
<br /> Phase IA Urban Flats 128 Units 2004-2006 Fall 2004 July 1,2005 $30.72
<br /> Million
<br /> Phase IB Urban Flats 128 Units 2005-2007 Fall 2005 July 1, 2006 $30.72
<br /> Million
<br /> Phase IIA 80 Units 2005-2007 Fall 2005 July 1, 2006 $16 Million
<br /> Senior Co-Op
<br /> Phase 11B 26 Units 2005-2006 Fall 2005 July 1, 2006 $9.75 Million
<br /> 3-Story Town Homes
<br /> Phase IIC Urban Flats 80 Units 2006-2007 Fall 2006 July 1, 2007 1 $19.2 Million
<br /> TOTAL N/A N/A N/A N/A 1 $145 Million
<br /> Based upon these options,Ehlers and the Development Team have estimated that the cost to acquire all
<br /> the land, relocate existing businesses, demolish the structure and complete the public improvements
<br /> will cost approximately $16 million for Phase I and $4 million for phase II. To assist in offsetting this
<br /> cost, the Developer has proposed the following payment for land and special assessments for the Phase
<br /> I Development:
<br /> Q�F -_&—_sa.'ass.e` `QF r ban c��Y{v 4. bbaan Elats ;.� se �4r �a,'
<br /> Land Cost $2,779,360 $960,000 $1,600,000 $2,249,940
<br /> -._.$7�T,r5a o 8�9
<br /> ...
<br /> ,300
<br /> $3.54 s /ft $7,500/unit $12,500/unit $10,227/Unit
<br /> Special $1,705,000 $325,000
<br /> $0 $0 $2,030,000
<br /> Assessment ($2.17 sq/ft) ($2,539/Unit)
<br /> Total $4,484,360 $1,285,000 $1,600,000 $2,249,940 $9,619,300
<br /> $5.71 s /ft)
<br /> The for sale urban flats will be paying an average of$10,000 per unit, but it is divided among the two
<br /> phases to allow the initial phase to pay less for land up front to allow the Developer the flexibility to
<br /> address any market issues. It should be noted that Phase H land prices have not been submitted yet and
<br /> will be reviewed and compared to industry standards when our office receives them.
<br /> Based upon the above referenced development program, following is a listing of the proposed business
<br /> terms for the final Development Agreement:
<br /> 1. General
<br /> a. Parties. The Redeveloper will be one or more single asset entities created by Pratt Ordway
<br /> LLC to act as the Redeveloper. Pratt Ordway will assign its purchase agreement for the
<br /> Ste.Marie Property and any other property it obtains purchase agreements upon,to this
<br />
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