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Housing and Redevelopment Authority Meeting Minutes September 14, 2004 Page 5 1 1) 80 Senior units 2 2) 161 Market rate units 3 b. 20%will be affordable to persons at or below 50%of the area median 4 income 5 c. Closing/Construction 6 1) Closing 3rd week of October 7 2) Begin construction November 8. 9 6. For Sale Housing Development 10 a. 256 Stacked Flats/Condos 11 1) 4 Buildings of 64 units 12 b. Presales 13 1) Sales center is open 14 a) Old JA Cadawallader building 15 c. 14 presales to Date 16 d. $180,000 to $430,000 17 Construction 18 a. Closing on financing on September 21st 19 b. Construction to begin end of September 20 1) Footings/foundation on 2 building behind Wal-Mart 21 2) Go vertical on building adjacent to 39th Avenue 22 3) Go vertical on 2nd building once they have 33 units pre-sold in the 23 1 st building 24 25 7. Fannie Mae Loan 26 a. Purchase of Commercial Properties 27 b. City approved for$3,350,000 28 C. Developer met presale requirement to have 13 units (20%) in Phase IA 29 pre-sold before City will draw down funds for acquisition 30 d. Closed end of August 31 32 8. City Ponds 33 a. City Ponds (behind/front.of Cub and behind Mini Mall) 34 1) Conveyed to Developer for$1 each 35 2) Developer paid for City's costs to convey them 36 a) Conveying and terminating existing easements 37 b. Pond behind Mini Mall no longer exists 38 C. This is where Applbee's will be located 39 d. Developer has provided and recorded new revised easements required by 40 the City 41 e. Maintenance of the storm water ponds will be paid by benefiting 42 properties 43 f. Commercial developer contracts maintenance and pays for it. Will bill 44 .benefiting properties as they are developed.