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City Council Meeting Minutes July 24, 2001 Page 1 o • I identified from the Market Study are not necessarily additive, and that the five extra units are within the 2 margin of error. 3 Councilmember Sparks asked if it would need to be redone before the lenders look at it. Mr. Rapp 4 stated that, in order to get a loan for an apartment, they would need to have a Market Analysis done by 5 a credible source which would be part of the Lending Package. 6 Councilmember Sparks asked about the recommendation by the Market Analysis of for-sale own- 7 homes versus the framework recommendation for all rental units. Mr. Rapp stated that the town-homes s in the framework were for-sale town-homes. 9 Councilmember Sparks asked what high-value development was, as referred to on page 4.5. Mr. 10 Rapp stated that, in that context, high-value development means that if they have something going in that I 1 is high-cost to develop, in order to make a profit, a developer would come in to determine costs, and 12 ways of covering the costs in order to make a return. He added that they are already assuming that 13 they have a relatively high-cost project which would demand a higher-priced product mix to make sure 14 that it covers those costs and that an investment return is generated. 405 Mayor Cavanaugh stated that the higher-cost development was an issue of which to be aware. He 6 referred to the Riverfront Development and freezing out the existing residents of the community because 17 it is too far out of reach. 18 Councilmember Sparks asked about the potential height of the one hundred unit senior housing. Mr. 19 Rapp stated that it was to be determined by the City, but that they are imaging it to be around eight 20 stories tall. 21 Councilmember Sparks asked if they have given any thought to the changing demographics in twenty 22 years. Mr. Rapp indicated that the housing industry has learned that too much of any one product is 23 bad for any location and any city. He added that a broader mix will lead to adaptive reuse of a space 24 for a different demographic type. 25 Councilmember Sparks stated that she agreed with Councilmember Thuesen for the need to learn some 26 of the experiences that other communities have faced as they have gone through similar projects. 27 Councilmember Sparks stated that Chapter 6 indicated that Ehlers has not engaged in any conversation 28 with U.S. Bank, and that she was discouraged to hear that. Mr. Prosser stated that Ehlers was not 29 authorized, nor would they recommend having discussions with U.S. Bank until they perceive that the 30 Council wants to move froward. 0-1 Councilmember Sparks asked how much of a partner they would be, if they were able to proceed. 32 Mr. Prosser stated that the partnership that they would envision includes a major property owner that 33 has been part of the community.