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John Herman August 4, 2003 Page 2 C. Parties. No Changes. D. Minimum Improvements. The original concept plan provided to the City Council outlined 80 units of senior rental housing, a 64-unit senior cooperative housing development and 28 high-end for sale town home units. Since that time, the plan has changed and it is our understanding that no senior rental housing will be constructed and it is uncertain if the senior cooperative housing or high-end town homes will be constructed. The City Council has stated that it is important that this development have a senior component and that no assistance may be provided if it is not accommodated in a manner that is satisfactory to the City Council. We strongly recommend that the Redeveloper review the plans and address providing senior housing (when, where and how) and clarifY ifthe high- end town homes will be constructed. It is our understanding that Dominium intends to construct only 212 market rate units, rather than the 225 you have outlined. In addition, the City would like as definitive answer as the Redeveloper can provide as to the number of Cooperative units as well as the number of high-end town home units that will be developed and the timing of the development of these units. This information is needed to provide the City with a comprehensive understanding of the overall development and to provide Ehlers with the needed information to complete the Tax Increment Financing Plan. Under Phase IA For Sale Housing you have noted the properties to be developed for the commercial site are the St. Marie Parcel (inclusive of Taco Bell and the New Market Site), Tires Plus/SA V II and the two storm water ponds located behind the mini mall and the US Bank Building. It should be noted that the following three (3) parcels are located adjacent to the new commercial property and will most likely need to be acquired by the Redeveloper: 1. PID #313023340018 - Parcel surrounding Taco Bell. County Records indicate the property owner to be Welsh as receiver 2. PID #313023340019 - Parcel adjacent to the south end of the Tires Plus property. County records indicate the property owner to be Welsh as receiver 3. PID #313023340014 - Parcel between the Conoco and SA V II. This parcel is owned by the St. Anthony HRA E. City/Authority Decision: Redevelopment and Tax Increment District Establishment. Currently the City is working towards holding the public hearing on the TIF Plan on September 23, 2003. However, the City will not formally request certification of the District until final terms for the Development Agreement have been negotiated.