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2 <br /> <br />Three units will be restricted to households at or below 80% of AMI, based on the Community <br />Development Block Grant (CDBG) funding utilized by the City to acquire the property. Although three <br />units will be required to meet that affordability restrictions, all the units would qualify at the proposed <br />rents because the market rates are below the 80% rents. The projected rents are listed in the table <br />below. <br /> <br /> # of Average Unit Average Unit <br />Unit Types Units Sq Foot Rents <br />Studio 8 515 $1105 <br />1 Bedroom 22 730 $1260 <br />1 Bedroom + Den 8 800 $1355 <br />2 Bedroom 18 1000 $1505 <br />*Affordable to those at or below 80% of the Area Median Income (AMI). <br /> <br />The apartment would also offer residents the opportunity to lease an assigned parking stall in the <br />detached parking garage for approximately $50 as well as additional storage in the building for $30. <br />The building will be pet friendly and residents will pay approximately $40 per pet. <br /> <br />Project Economics <br />The proposed project is primarily going to be marketed to those who can afford market rate rents, except <br />for three units. We had previously considered a project that would incorporate more affordable units but <br />after discussion with the elected officials of Centerville we opted for a more market rate deal that would <br />not require Tax Increment Financing (TIF). To be clear, we are not requesting TIF. <br /> <br />To make the proposed rents possible, assistance from the city in the form of a land-write down and the <br />waiver of City fees are necessary. The development team is requesting the waiver of some fees but <br />would commit to pay others. The specific waiver is listed below in Table 2 City/Developer Fee <br />Commitments. <br /> <br />If we are not able to receive that assistance, we would have to raise our rents to rates that we do not <br />by performing a survey of <br />competitive properties in Lexington, Lino Lakes, Hugo and Forrest Lake because Centerville lacks new <br />or relatively new market rate apartment projects. These competitive properties have rents that are <br />comparable to the rents that are being proposed by this project. <br /> <br />www.ebertconst.com <br /> <br />