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W The Development 'team has refined their concept for redevelopment of the above referenced project arca. This concept: includes the acquisition and subsequent redevelopment of the following properties: -- — — Px opc x ty I5 ame PID &lemenf/Use Vacant md 31 024 0018 IIA Patio Homes .r S Firestone 31 30-23-33..0006_ IIA Patio homes 1 d's Carwash 31-30-23-33-00110 IIA Patio homes Fuel Mart 31-30 -23 33 0003 1113 ScmorIlousmg Carwash on Stinson Blvd 31-30-23-33-0004 1113 Scnior housing Bakers Square Parking Lot 3] 30-23 33-0014 It(' Ilousmg j Don Is Cu Wash 31-30-2 33 0005 FIChousing The Development will be divided into the following three elements: Number of Development Development Development Units Time Frame Start Date Valuation Ph use TIA Patio Homes 26 Units 2.006-2008 June 1 2006 $9.1 Million _ Phase IIB Senior Housing 90 Units 2006-2008 June 1 2007 $23.4 Million Phase IIC 55 Units 2007-2009 June 1 2008 $14.3 Million Housing _ T®TAL A /A N/A N/A $46.8 Million Based upon this development program, Ehlers and the Development Team have estimated that the cost to acquire all the land, relocate existing businesses and demolish the structures will cost approximately $5.9 million for phase Il. To assist in offsetting this cost, the Developer has proposed the following payment for land for the Phase II Development: a .ti ,1 & ASS 0 C I Ai ES INC Phase IIC 'Dotal _ Land CostIlonsin $780,000 $900,000 To: Mike Mornson — City Manager ($30,000/Unit)_ City Council and Housing and Redevelopment Authority (HRA) From: Stacie Kvilvang--Ehlers & Associates Date: November 8, 2005 Subject: Phase lI Northwest Quadrant Redevelopment - Development Proposal and Terms of Development Agreement The Development 'team has refined their concept for redevelopment of the above referenced project arca. This concept: includes the acquisition and subsequent redevelopment of the following properties: -- — — Px opc x ty I5 ame PID &lemenf/Use Vacant md 31 024 0018 IIA Patio Homes .r S Firestone 31 30-23-33..0006_ IIA Patio homes 1 d's Carwash 31-30-23-33-00110 IIA Patio homes Fuel Mart 31-30 -23 33 0003 1113 ScmorIlousmg Carwash on Stinson Blvd 31-30-23-33-0004 1113 Scnior housing Bakers Square Parking Lot 3] 30-23 33-0014 It(' Ilousmg j Don Is Cu Wash 31-30-2 33 0005 FIChousing The Development will be divided into the following three elements: Number of Development Development Development Units Time Frame Start Date Valuation Ph use TIA Patio Homes 26 Units 2.006-2008 June 1 2006 $9.1 Million _ Phase IIB Senior Housing 90 Units 2006-2008 June 1 2007 $23.4 Million Phase IIC 55 Units 2007-2009 June 1 2008 $14.3 Million Housing _ T®TAL A /A N/A N/A $46.8 Million Based upon this development program, Ehlers and the Development Team have estimated that the cost to acquire all the land, relocate existing businesses and demolish the structures will cost approximately $5.9 million for phase Il. To assist in offsetting this cost, the Developer has proposed the following payment for land for the Phase II Development: LEADERS IN PUBLIC FINANCE Roseville, MN 55113-1105 skvilvangaehlers-inc.com Phase IIA Patio homes Phase II13 Senior IIonsiur Phase IIC 'Dotal _ Land CostIlonsin $780,000 $900,000 $550,000 $2,230,000 ($30,000/Unit)_ ($10,000/unit) __ LEADERS IN PUBLIC FINANCE Roseville, MN 55113-1105 skvilvangaehlers-inc.com