Laserfiche WebLink
<br />Mike Mornson - Northwest Quadrant Redevelopment <br />September 17, 2003 <br />Page 2 <br /> <br />The Development will be divided into the following three phases: <br /> <br /> <br />Phase I Big Box 2004 - 2005 June 1, 2005 <br />Phase I Retail 2004-2005 June 1, 2005 $18.81 <br />Phase I Office 2004-2005 June I, 2005 Million <br />Phase I SA V II 2004-2005 June 1, 2005 <br />Phase I Market Rate 220 Units 2004-2006 Fall 2004 July I, 2005 $19.8 Million <br />Apartments <br />Phase IA Urban Flats 128 Units 2004-2006 Fall 2004 July 1,2005 $30.72 <br />Million <br />Phase IE Urban Flats 128 Units 2005-2007 Fall 2005 July 1, 2006 $30.72 <br />Million <br />Phase IIA 80 Units 2005-2007 Fall 2005 July I, 2006 $16 Million <br />Senior Co- <br />Phase lIB 26 Units 2005-2006 Fall 2005 July 1,2006 $9.75 Million <br />3-Story Town Homes <br />Phase IIC Urban Flats 80 Units 2006-2007 Fall 2006 Jul 1,2007 $19.2 Million <br />TOTAL N/A N/A N/A N/A $145 Million <br /> <br />Based upon these options, Ehlers and the Development Team have estimated that the cost to acquire all <br />the land, relocate existing businesses, demolish the structure and complete the public improvements <br />will cost approximately $16 million for Phase I and $4 million for phase II. To assist in offsetting this <br />cost, the Developer has proposed the following payment for land and special assessments for the Phase <br />I Development: <br /> <br /> <br />Land Cost <br /> <br />Special <br />Assessment <br /> <br />$7,589,300 <br /> <br />$2,030,000 <br /> <br />Total <br /> <br />$1,285,000 <br /> <br />$1,600,000 <br /> <br />$2,249,940 <br /> <br />$9,619,300 <br /> <br />The for sale urban flats will be paying an average of $10,000 per unit, but it is divided among the two <br />phases to allow the initial phase to pay less for land up front to allow the Developer the flexibility to <br />address any market issues and legal, financing & design issues occur disproportionately in the first <br />phase. It should be noted that Phase II land prices have not been submitted yet and will be reviewed <br />and compared to industry standards when our office receives them. <br /> <br />Based upon the above referenced development program, following is a listing of the proposed business <br />terms for the final Development Agreement: <br /> <br />1. General <br /> <br />a. Parties. The Redeveloper will be one or more single asset entities created by Pratt Ordway <br />LLC to act as the Redeveloper. Pratt Ordway will assign its purchase agreement for the <br />Ste. Marie Property and any other property it obtains purchase agreements upon, to this <br />