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Regular City Council Meeting Monday, October 22,2012 Page 24 Following up on Councilmember McGehee's comments, City Manager Malinen expressed his perspective that, rather than reducing the number of units pro- posed for the project, perhaps increasing the quality of construction to a higher level, and amenities for this market rate complex could make the project more palatable for the City Council to consider TIF financing. Mr. Trudgeon responded that, obviously the higher quality, the higher cost per unit basis. Mr. Trudgeon addressed several other considerations for this project, and while not being familiar with the Golden Valley site,he noted that one driv- er for this project was the requirement for underground parking, with that cost alone representing $1.3 million of the project, and by eliminating that require- ment it would significantly reduce the cost and make the project work. Howev- er, Mr. Trudgeon advised that this would not be in line with the design stand- ards established by the City for this area in attempting to make the area more walkable and avoid "seas" of asphalt. Mr. Trudgeon noted that the City could not meet all of its goals and still achieve successful development without some compromise on the part of all parties. Mr. Trudgeon advised that there was a significant and higher cost to any development in the Twin Lakes Redevelop- ment area to meet the City's standards; and if the City Council was not amena- ble to assist with this proposed project financially, something else could take its place that may prove less desirable. Mr. Trudgeon opined that, from his per- spective, this development hits a lot of the City's requirements and standards for the Twin Lakes area. Mayor Roe recognized that the City desired to have the level of quality previ- ously adopted; however, he recognized that the level of quality of the proposed project was not below those design standards. Mr. Trudgeon noted that the exterior guidelines required a lot of articulations based on the City's design standards, and advised that this project would be re- quired to meet those at a minimum with or without financial assistance; howev- er, Mr. Trudgeon noted that the difference may be realized with interior embel- lishments. Mr. Solsrud noted that the intended interior construction would be similar to the Golden Valley example, advising that both projects were seeking the same ten- ant pool. Mr. Solsrud advised that the units were intended to attract the same level of professional tenant to this property; and given budget constraints, a high quality level of finish and related amenities was intended in order to attract ten- ants to these market rate units. At the request of Councilmember Pust, Mr. Solsrud advised that the first phase would include approximately 1/3 of the total units, or seventy (70) units per phase, constructed in three(3) separate buildings.