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K <br />To: Mike Morrison —City Manager <br />City Council and Ilousing and Redevelopment Authority (HRA) <br />From: Stacie Kvilvang — Ehlers & Associates <br />Date: November 8, 2005 <br />Subject: Phase II Northwest Quadrant Redevelopment - Development Proposal and <br />Terms of Development Agreement <br />The Deveiopment Team has refined their concept for redevelopment of the above referenced project <br />area, This concept includes the acquisition and subsequent redevelopment of the following properties: <br />The Development will be divided into the following three elements: <br />amber of Development <br />Development Start Date <br />,t)v`hLQ, <br />�l ' �Z <br />Units Tinrekrarne <br />Valuation <br />i <br />89.1 Million <br />Patio Homes <br />Phase Illi 90 Units 2006-2008 June 1, 2007 <br />ASSOCIA] ES INC <br />Senior Housing ----------------- <br />Phase IIC <br />55 Units 2007-2009 June I, 2008 <br />To: Mike Morrison —City Manager <br />City Council and Ilousing and Redevelopment Authority (HRA) <br />From: Stacie Kvilvang — Ehlers & Associates <br />Date: November 8, 2005 <br />Subject: Phase II Northwest Quadrant Redevelopment - Development Proposal and <br />Terms of Development Agreement <br />The Deveiopment Team has refined their concept for redevelopment of the above referenced project <br />area, This concept includes the acquisition and subsequent redevelopment of the following properties: <br />The Development will be divided into the following three elements: <br />amber of Development <br />Development Start Date <br />Development <br />Units Tinrekrarne <br />Valuation <br />Ph ise IL4 26 Unils 2006-2008 June 1, 2006 <br />89.1 Million <br />Patio Homes <br />Phase Illi 90 Units 2006-2008 June 1, 2007 <br />823.4 Million <br />Senior Housing ----------------- <br />Phase IIC <br />55 Units 2007-2009 June I, 2008 <br />814.3 Million <br />Housing <br />lOIAL N/A MA <br />$46.8 Million <br />Based upon this development program, Ehlers and the Development Tcam have estimated that the cost <br />to acquire all the land, relocate existing businesses and demolish the structures <br />will cost approximately <br />859 million for phase II. To assist in offsetting this cost, the Developer has <br />proposed the following <br />payment for land for the Phase lI Development: <br />Phase IIA Phase JIB Phase IIC Total <br />Patio Homes Senior Housing IIonsing <br />Land Cost $780,000 8900,000 $550,000 <br />000/Unit 810 000/unit $2,230,000 <br />(830 <br />' ) — (,---�......_x$1.0,000/umt) <br />LEADERS IN PUBLIC FINANCE <br />3060 Centre Pointe Drive Phone: 651-697-8506 <br />Roseville, MN 55113-1105 sl<vilvang@ehiers-inc.com <br />