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3.2 Staff is suggesting that $150,000 be provided to the project for the new access road and shared parking lot area. This would cone from a combination of existing infrastructure, housing and possibly park funds. A long term, low interest assessment for grading, ponding, and roadwork is proposed. 3.3 The staff will continue to investigate other sources of financial incentives. 4.0 STAFF RECOMMENDATION 4.1 This proposal is consistent with the ,James Addition's recommendations for the site and with a reconfiguration. of the access road staff believes that the development would provide a reduced traffic impacts to the neighborhood by 50 percent of more. The proposed uses have lour volumes of traffic with the exception of the daycare where traffic comes and goes relatively at the same time (early morning and late afternoon). By reconfiguring the access road, traffic will be directed away from Fry Street and the city can gain needed additional parking for Rosebrook Park with a shared parking arrangement. 4.2 The public investment of $150,000 is a 50 to one private to public investment ratio. The public investment could be recouped within 15 gears or less through long term low interest assessments. 4.3 Exchanges of parking and access easements would also be necessary to allow for construction and use of a joint parking area by all three parties. 5.0 SUGGESTED COUNCIL ACTION By motion authorize the city Manager and City Attorney to prepare a development agreement with Sunrise Senior Housing and the Schoening Group to close the gap using a variety of funding sources as outlined in section 3 and the attached terra sheet with final agreements to be approved by Council. Attachments: Term Sheet Prepared bar: Dennis Welsch 490 -2232 QAPlan ni ng Filesl3159_ unrise Senior Living (James Addn )ISu n rise RCA 120699.dcc RCA PF3159 Sunrise 120699 Page 2 of