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13 City Council Regular Meeting Minutes September 23, 2003 Page 13 1 Motion by Councilmember Horst to adopt Resolution 03-082 adopting a modification to the 2 Redevelopment Plan for Redevelopment Project Area No. 3; and establishing Tax Increment 3 Financing District No. 3-5 within Redevelopment Project Area No. 3 and approving the removal 4 of certain parcels from the HRH's Tax Increment Financing District No. 3-3 for inclusion in 5 District No. 3-5 and adopting a Tax Increment Financing Plan therefor, with the inclusion of 6 earlier stated reports in Section 1.04 as recommended by the City Attorney. 7 8 Motion carried unanimously. 9 10 C. Resolution 03-085, re: Redevelopment of property in Redevelopment Project Area No. 3 11 and authorizing preparation, execution and delivery of a contract for private development 12 thereof. 13 14 Stacie Kvilvang, Ehlers and Associates, Inc., noted this redevelopment process was started two 15 years ago. She gave a history of how those involved in the project came together. She also 16 discussed why development of this project area was necessary for the health of the City. She 17 noted the costs of not redeveloping were loss in the tax base, loss in jobs and areas within the 18 City would start to decline generating increased public safety issues and a negative perception, 19 which would make it hard to attract people to the area. 20 21 Ms. Kvilvang also discussed the history of Apache Plaza while giving a slide presentation, which 22 showed pictures of Apache Plaza in the past and also of Apache Plaza's current state. She also 23 explained the reasons why Apache Plaza suffered its decline. 24 25 Ms. Kvilvang explained the proposed Development Agreement looked at two phases. She stated 26 Phase I consisted of constructing 223,000 square feet of retail space. She added the housing 27 development would include 220 rental units and two phases of for-sale housing, with 128 units 28 being built in each phase. She noted the for-sale housing would have sale price values from 29 $160,000 to $400,000 and the rental unit rates would be$900 to $1,600 per month, which did 30 not include the affordable rent amounts. 31 32 Ms. Kvilvang indicated Phase IIA would consist of 80 units of senior housing; IIB, 26 higher- 33 end townhomes; HC, the urban flats. She noted it appeared the timing of these developments 34 was to begin construction in 2004 and finish in 2007,which she stated might be slightly 35 aggressive. She anticipated the commercial component would be starting immediately and 36 added the Development Agreement would include desired start dates, along with default dates. 37 She explained the default date was usually kept at approximately six months and, if the 38 development had not begun by that date, the City would have the opportunity to seek another 39 developer. 40 41 Ms. Kvilvang discussed the following timeline: Phase I commercial, begin 2004/finish 2005; 42 Phase I apartments, begin Fall 2004/finish 2006; Phase IA for-sale flats, begin Fall 2004/finish 43 2006; Phase IB flats,begin Fall 2005/finish 2007; Phase IIA senior component, begin Fall 44 2005/finish 2007; Phase IIB townhomes, begin Fall 2005/finish 2007; IIC flats, begin Fall 45 2006/finish 2007. 46