Laserfiche WebLink
September 17, 2025 <br />Page 2 <br />- Findings: 6.04% Return on Cost <br />Scenario 5: Combined Adjustments <br />o Incorporates all three modifications: elimination of city-assessed taxes and SAC <br />fees, a $3 million construction cost reduction, and increased rents. <br />- Findings: 7.02% Return on Cost <br /> <br />Findings: <br />Our analysis demonstrates that under the base case and individual adjustment scenarios, the <br />project remains financially infeasible. Only under the combined optimistic adjustment scenario <br />(Scenario 5) do the economics align sufficiently to allow Phase II to potentially move forward. <br />Request: <br />Given these circumstances, we respectfully request an extension of our entitlements to allow <br />time for market conditions to stabilize and for us to pursue solutions that can make Ruby <br />Apartments Phase II feasible. We are NOT asking for the Council or staff to consider making <br />any tax, cost, or rent related actions related to the project at this time. <br /> <br />Our team remains committed to delivering high-quality housing that meets the needs of the St. <br />Anthony community, and we ask for your support in ensuring this important project can be <br />realized. <br />Thank you for your consideration. <br />Sincerely, <br /> <br />Evan Doran <br /> <br />President and CEO <br />The Doran Group <br /> <br /> <br /> <br />