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Regular City Council Meeting AND Board of Adjustments and Appeals Monday,July 23,2012 Page 52 ested in pursuing the concept under those circumstances. Mr. Trudgeon noted that this could serve as the entryway into Twin Lakes, and staff was in agree- ment that this could be a great project. However, Mr. Trudgeon noted the need to determine if it was economically feasible, a determination that had yet to be made. Discussion among staff, Mr. Osborn and Councilmembers included identifying the actual location (Historical Society storage in the rear of the existing struc- ture); ownership by the City of a portion of the project area; other projects by the developer, with their last new construction in 2000 based on market condi- tions and their refocus in acquiring existing facilities rather than new construc- tion, with their business model changing with the economy; and the firm's pref- erence to acquire existing facilities under ten (10) years in age, and not requir- ing significant remodeling. Further discussion included phasing of the project; rationale for 2-3 bedroom units versus a majority of three (3) bedroom units based on economies; lack of interest by the developer in government subsidized rental units; impacts of area commercial uses on initial rental rates versus market rate ranges; and the history of the developer as a long-term investor in their properties. Councilmember Willmus expressed interest in further discussions; however, he cautioned that his ultimate support would depend on the level of TIF requested and based on TIF reserves. At the request of Councilmember Pust, Mr. Osborn responded that they would like to have approvals in place by mid-fall in order to break ground in the spring of 2013. Mr. Trudgeon reiterated that the most challenging aspect will be TIF; however, he expressed his confidence that this was a permitted use on this parcel. Mr. Trudgeon noted that the developer recognized that the City had a lot of obliga- tions for using its TIF reserves, and the need for the City to be prudent in its de- cision-making and determination of what this proposal could generate. Councilmembers Pust and Johnson noted that they wouldn't be serving on the City Council when this decision came forward. At the request of Mayor Roe regarding the interest of the HRA for involvement in financing, Mr. Trudgeon responded that this required a broader policy discus- sion, since the HRA currently focused on affordable housing, with only minimal and infrequent discussions beyond that, and not sure whether it was applicable at this time.