Laserfiche WebLink
REQUEST FOR CITY COUNCIL DISCUSSION /DIRECTION <br />DATE: 11/15/99 <br />ITEM NO: <br />W-MIN KIM <br />Itefn Description-6 Redevelopment: Sunrise Assisted Livin (PF3159) <br />1.0 During the past two months, staff has been working with Sunrise Senior Housing and <br />the Schoening Group to prepare a senior housing redevelopment proposal for the four <br />(4) acres north of Oakcrest and east of Snelling Avenue. <br />2.0 Progress to date is that the developers have identified the selling costs and the financial <br />gaps that maybe involved with the two current owners. Negotiations are underway at <br />this time. A refined site plan with athree -story building has been completed. It is <br />possible that both a housing project (68 units) and a neighborhood compatible use <br />could both be constructed on the four acres. The city would also receive benefits from <br />new or improved access to the park and some reorganized joint housing/park user <br />surface parking. All of these improvements appear to be consistent with the James <br />Addition Task Force Report. <br />3.0 Developers will be present at the work session to describe progress to date and to <br />identify the potential financial gap that can be expected from the selling prices. <br />This $10-11 million project in general terms, still appears very viable. The financial <br />issues can be worked out and the ciWs funding for the financial gap would be allocated <br />primarily from the Housing Fund. <br />4.0 Next actions will include a refined terms sheet, evidence of site control by the <br />developers, and negotiations on a development contract All of these items could occur <br />in a very short timeframe (weeks), with contingent approvals for the Council meeting <br />in late November or early December. <br />[n addition to the financing and redevelopment issues, a land use bearing will be <br />necessary to establish the site as a redevelopment planned unit development, consistent <br />with the .dames Addition Task f=orce Report. <br />Attachments: Site Plan <br />Building Picture <br />Report from Developer (if available prior to printing/distribution deadline) <br />RCA PF3159 Sunrise 11.15.99 <br />