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PARK DEDICATION Based on Developer's review and interpretation of City Zoning Code, Section 1130.08 Public Use Dedications requires the following land/cash dedication is required for City parks: 20% of land or a Cash Contribution of equating to the fair market value of the land that would have otherwise been dedicated. The Developer is purchasing the subject property for $2,250,000. 20% of $2.25M is $450,000. As a result, the Developer is anticipating providing the City a $450,000 Park Dedication Pee for this project. The Developer is happy to share a copy of the in -place purchase agreement directly with City staff to verify the purchase price. INCENTIVES & PROPERTY TAXES This project is not seeking any local government incentives. This project does not include any low-income units. The subject property is currently tax-exempt; and pays no annual property taxes. Upon completion of construction, the new project/subject property will convert from tax-exempt to fully taxable; and is anticipated to pay between $300,000 and $400,000 in gross total annual property taxes. In addition to property taxes, this project will generate an estimated $1,000,000+ of 1x development fees (park dedication, water, sewer, stormwater, building permit); including an estimated $450,000 park dedication fee. NORTH HEIGHTS CHURCH CAMPUS IMPROVEMENTS This senior living apartment project includes improvements located offsite—not within the primary subject apartment property. Offsite improvements will be located on the existing/remaining North Heights Lutheran Church campus. improvements generally include: • Re -seal and re -stripe existing church parking lot. Expansion of church parking lot in three areas: o (Area 1) approximately 72 stalls directly northeast of the existing church building o (Area 2) approximately 15 stalls directly east of the existing church building o (Area 3) approximately 56 stalls directly south of the existing church building. o The net result for North Heights Lutheran Church is to maintain its existing total surface parking stall count, prior to this apartment project —as the apartment building requires taking of land currently utilized by the church for parking. • The above -mentioned parking lot expansions will require the creation of a new storm water cell located directly south of the church building. Additionally, other existing stormwater cells located on church property may need to be slightly expanded to account for new nearby church parking stalls. NEIGHBORHOOD MEETING As requested by City Staff, the Developer conducted a public neighborhood input meeting on 7/29/2021. At the time, the developer was proposing a standard market apartment building (not senior, not age restricted). As a result of said meeting, the Developer made the following adjustments to the proposed project: 1. Adjusted the proposed use from standard market apartments to age -restricted senior apartments. Most residents will be 65+ (and will be retired). The Developer anticipates this will result in: Page 9 of 10