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3 <br /> <br /> <br /> <br />TIF Size Comparison <br /> <br /> <br /> <br />Our Project Solves Unique Issues with Land: <br />• Value is created by preserving and enhancing the Stinson Parkway in continuation of the Horace <br />Cleveland Plan. <br /> <br />• Project removes blight and provides high quality asset that provides to the city for generations to <br />come. <br /> <br />• Provides affordable housing for seniors. <br /> <br />• The Project improves the quality of life in and around the area because of the sidewalks, bikeways, <br />underground parking, utility renovation, landscaping, and other infrastructure changes to serve the <br />public. <br /> <br />• The Project creates well-paying jobs in the short term for construction workers and then in the long <br />term for senior living operational jobs. Project is bike and transit friendly encouraging local <br />employment. <br /> <br />• Finally, a successful project on this site would encourage more development of the surrounding land to <br />bring the area to its highest and best use and provide even more value to the city and its residents. We <br />would plan to continue with such developments because we believe it would best serve our future <br />residents. <br />TIF Eligible Costs <br />TIF Size <br />TIF Eligible Expense Description Ehler's Recommendation Development 65 Request Difference <br />Demolition 63,610$ 63,610$ -$ <br />Site Utilities 500,000$ 500,000$ -$ <br />Roads & Walks (City Extension) - We require all <br />sidewalks, car lane extensions 96,709$ 150,000$ 53,291$ <br />Soil Remediation 137,740$ 137,740$ -$ <br />Affordability (5% of IL units - 15 years affordability)689,251$ 689,251$ -$ <br />Parking - Underground -$ 1,016,400$ 1,016,400$ <br />Land - At $17k/unit; 125 units -$ 2,125,000$ 2,125,000$ <br />Underground Water Retention Tank -$ 255,000$ 255,000$ <br />Total 1,487,310$ 4,937,001$ 3,194,691$ <br />We have TIF eligible costs greater than our request for $4.93M in TIF assistance. Thus, according to statute, our request <br />could be supported by city council. <br />Ehlers Memo dated May 18, 2020 recommends providing TIF assistance in an amount of $1.5M. We have broken out the <br />amounts detailed in the Ehlers Memo to compare with what the project requires for us to build it.