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, � ORCHARD MAY 16, 2009 TO: ROSEVILLE CITI' COI:NCIL AND PLANNING COMMISSION FROM BOB OLSEN, (2170 FERRIS I,ANF;) Attachment H I HAD THE OPPORTUVITY TO ATTEVD TH6 MAY 1 IT" CITY COUNCIL MEETIKG AND LISTEV TO THE DISCUSSION OP'I NE MERITS AND DEMERITS OF THF. PROPOSED REZONING AND CONSTRUCTION OF THE ORCHARD PR07ECT [3Y ART MUFLLF,R AND ASSOCIATES. THANK YOU FOR THE VERY COURTEOUS TREATMENT OF THE ISSUES AND THF, INDNIDUALS WHO MADE PRESENTA"iIONS ABOUT THIS PROJECT AND THE OPENNESS AND WILLING- NESS TO HEAR THG VARIOUS SPEAKERS. MY WIFE AND I BUILT OUR PIRST ROSEVILLE HOUSE IN 1960 AND THE CURRENT RFSIDF:NCE AT 2170 FERRIS LANB IN 1988. THIS IS A BEAUTIFUI, COMMUNITY AND REFLECTS THE GREEN AREAS AND UNI'I' SPACING THA7' ART INSISTED ON FOR THAT DEVELOPMEKT. ROSEVILLEHASALWAYSBEENAGREATPLACE"POLIVEANDOUR INTERESTS ARE THAT IT CONTINUES TO BE A GREAT PLACE Tp LIVE. TH6 ISSUES ABOUT POTENTIAL TRAFFIC PROBLEMS, DRAINAGE ISSUES AND THE QUESTIOK�S ABOUT THE OVERALL FIT OF THAT PROIF.CT AT �I'HA'I� LOCATIOV WERE DISCUSSED AT LENGTH AND I HAVE LITTLE NEW TO ADD TO THAT. THE CONCERV'I'HA'1' 1 HAVF. GOHS BACK TO MY PRE-RETIREMEN'i YEARS WHEr AS A PRACTICING CERTIFIED PUBLIC ACCOUhTANT, WE PREPARED MANY CASH FLOW AND FINANCING PROJECTIONS. WHENEVER THERE WAS A CHANGE IN THE PARAMETE-RS OF OV E OF "I'IIOSG PROJECTS, ALL KINUS OF NEW PROBLEMS AROSE. THIS MAY APPLY TO THIS PROJECT WHEN IT 1A'AS DOWNSIZED PROM THE ORIGINAL 78 UNITS TO THE PRF.SENT 55 I;NITS. AT THF. $150,000 LEVEL THAT ART INDICATFD WOULD F3� CHARGED TO THE RESIDFNTS MOVNG INTO THE PROJECT, $I 1,700,000 WOULD BE THE HIGH SIDE MONEY GENF:RA'I'ION WFiICH SHOULD HAVE BEEN IN THE ORIGINAL PROJECTIOK. THAT CHANGES TO $8,250,000 WITH T}1E REVISED .5i UKITS PROPOSF,D BY THE LAST SET OF PAPERS. A SECOND ISSUG WOULD BE THE FIXED OPF,RAT)VG COSfS AND �XPENSES WOULD VOW HAVE FEWER CNI7S AND THG PROPOSED MOVTHLY RENTALS MIGHT HAVE TO BE REVISED UPWARll. DOES THIS HAVE AN EFFECT ON THE FLOW OF NEW' RESIDEVTS? FRANKLI', 1 DO NOT KNOW. IF TIIE NHW NUMBERS ARE KOT WORKABLE, DOES THIS LEAVE THE PROPERTY AS A POTENTIAL PROBLEM FOR F'Ul'URE GENFRATIONS OF THE ELECT�D REPRESEN?ATIVES OF' ROSEVILLE AS AN ECONOMICS DRNEN FAILURE? ON THE SURFACE, IT WOCLD SE6M TO ME "I'HF, UISCOMPORT OF THAT TYPE OF BUILDIVG BEING CONSTRUCTED Or THAT SITE MIGHT INDICATE THE DEVELOPF.RS WOI,�LD BC W ELL ADVISED TO GO BACK TO THE ORIGINAL, 78 IJNITS AT A DIFFERENT SITE. I WILL SEND 1'HIS NOTE TO THE C]TY MANAGGR AND REQUEST THAT COPIES BE DISTRIBUTF,D TO THE MEMBERS OF THE COUNCIL ANU 7'HE PLANNING COMMISSIOK. THAVK YOL' FOR YOCR TIME.