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IJJ . ! :1 I ~ I ~ ~ ~ u o o n ] ] ] ) ] ) ) -~ Introduction Roseville School District 623 (lithe District") solicited proposals from developers to acquire and develop 76.5 acres near Lake Owasso in the City of RoseviUe. The land was originally purchased as a site for a second high school. Recent analysis and planning by the District has concluded that this land is surplus and should be sold. In addition to selling the raw land to a developer, the District is also interested in analyzing the potential of developing the lots themselves and selling "developed" lots through potential builders and realizing the development profit. Springsted Incorporated was hired by the District to assist them and their Consultant - Dahlgren, Shardlow, and Uban, Inc,! in comparing the two alternatives. Throughout this analysis there is reference to low, high and targeted assumptions. This is an attempt to establish low-cost and high-cost benchmarks to be used in developing the targeted assumptions used as the basis for this analysis. These benchmarks in no way attempt to define the absolute outer parameters of the associated costs. The benchmarks represent a reasonable estimate of the potential range of costs based on the development program currently being contemplated by the District. Development Concept The goal of the District is to have the site developed as a high quality housing development that offers a range of density and housing types that enhance the area and fit on the site, while preserving and enhancing the natural features of the site to the maximum extent possible, A series of preliminary concept plans were prepared for the site by Dahlgren, Shardlow, and Uban, Inc. These preliminary concepts were reviewed during several meetings with the District, City staff, adjacent property owners, and interested neighborhood and community residents, Three alternatives were then presented at two public meetings hosted by the District, and the plans were modified based on the discussions and direction received at these meetings. The revised development concept which has been used in this analysis is referred to as Concept 82. It includes a total of 197 dwellings with 21 townhomes in the southwestern corner and 76 townhomes in the northern part of the site. It also includes 100 single family Jots, 12,3 acres of park dedication and 10 acres of wetland/open space on the property. An additional key step in defining the concept was to define the target market to be served. During the process leading up to the Request For Proposals, two market niches were identified as best meeting the needs and objectives of the District and community. These targeted niches include single Jevel townhomes suitable for empty nesters, young seniors, and single professionals, and move~up single family homes over $250,000. The development concept selected and the potential market to be served are critical to determining the value of the site and the amount of cash received by the District. In addition, it needs to be aesthetically acceptable to the surrounding residents, the District and the City, Typically a concept which provides the most economic benefit is not the most aesthetically acceptable. Conversely, the most aesthetically acceptable design often times does not yield the highest economic return. For this project to be successful, the District needs to arrive at a concept which represents an equitable compromise between economics and aesthetics. ~ SPRINGSTED Page 1