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February 6, 2013 Page 3 affordable senior development in the place of the now vacant land and building owned by the Housing and Redevelopment Authority of the City of St. Anthony Village and Apache Redevelopment LLC, the City believes that the proposed development is in the best interest of the residents of the City and will provide for new facilities and environmental benefits, including increased opportunities for new types of housing, will increase available housing, including new life cycle housing choices desirable for the community, will remove and prevent the emergence of blight, will increase the tax base of the City, and will otherwise benefit the health, safety, morals and welfare of the residents of the City, in accordance with the public purpose and provisions of the applicable State and local laws and requirements under the Redevelopment Plan. The vacant building will be demolished and remediated if necessary so the land can be developed as proposed. The Senior Landings will provide affordable housing for tenants over the age of 55 who income - qualify earning no more than 60% of the Area Median Income. Due to the use of tax exempt bonds as a portion of the financing, rents will be restricted on 100% of the units, with 137 units at 60% AMI rental limit and 35 units at the PMR rent limit. Tine project will consist of One Bedroom and Two Bedroom units. 2. Overview The property is located at 2500 38°i Avenue NE. The property is approximately 320' x 367' (a-/-) and is surrounded by 39°i Avenue to the north, Apache Lane to the east, 38°' Avenue to the south, and a private driveway access to the west. The lot is approximately 113,702 square feet (2.6 acres). Density Site Layout and Building; Design The overall Silver Lake Village Development is that of a mixed-use high density development. This type of development lends itself to a lifestyle that is more compact in development, has accessibility to amenities within the development including parks, retail businesses, restaurants, medical services, and other shops and stores. Consistent with the City's overall goals of creating a walkable and sustainable City as a whole, the Silver Lake Village Development strives to meet these same qualities by creating compact development and alternative transportation and pedestrian options throughout. Following the approved PUD Development Plans and the Redevelopment Agreement as amended from time to time for the property, the building will be constructed in a "u -shape" design with the front main entrance located in the southwestern portion of the property at the intersection of 38°i Avenue NE and a private driveway access to the west. The proposed building will be four stories in height with underground parking, similar to existing buildings within the locality. A 5' sidewalk will encompass the entire site and landscaping will complete the streetscaping on all four sides of the proposed building which will complement the existing streetscaping that is currently within the development. Ornamental lighting is required and will be installed as part of this project along the south side of 39°i Avenue NE to match existing lighting further to the east. Courtyard space is proposed within the interior limits of the u -shape design. Sidewalk connections and lush landscaping will be provided within this area, as well as a garden pergola structure, fire pit patio and seating walls, bench seating, and other amenities as detailed below. Each unit will have a balcony. The building will contain many amenities including a fitness facility, movie theater, library, in -unit washer / dryer, covered seating areas, fire pit, community grilling area, club room, card room, a party kitchen, gardening area, wood shop, craft room, and salon. In addition, the residents of the proposed development will have access to the amenities at the adjacent development, Landings at Silver Lake Village, which is also owned and managed by Dominium. Residents will also be within walking distance of the restaurants and shops within the overall Silver Lake Village development. Building Materials The building will be constructed using quality and attractive materials that will be aesthetically pleasing and compatible with surrounding buildings. The facades of the building will be finished with brick and cement board lap siding. The roof will be finished with asphalt shingles. The materials will 27