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,.' (f) ~ of Roseville Community Development Department Memo Feb 10, 1998 TO: Steve Sarkozy, City Manager FROM: Dennis Welsch, Community Development Director (490-2232) RE: Everest Comments Regarding City Staff You asked that I prepare a chronology of events and comments regarding the Everest request to redevelop 7 parcels of property at located at 2218,2234,2236, and 2240 Hamline Avenue North, having a total area of 3.2 acres, and occupied by four single family homes. On December 7,1993 Mr. Rick Baker and Mr. Allan Anderson, representing Everest, met with Rick Jopke to the feasibility of a 70 unit, 3 story brick senior housing building (tax paying project) for client Episcopal Church Homes. They asked for the details of the College Properties Project and asked for a 15 year TIF pay-as-you-go district. They expected to begin construction in March or April of 1994, with 7 months of construction. Rents would range from $325 to $655 per month. On January 10,1994, Tom Olson of the Episcopal Housing Group met with Rick Jopke and me to clarify the proposal. Rents would range from $700 to $1300 per month; the project would be tax exempt, but would pay a service fee in lieu of taxes (a "pilot"). He expected construction to begin in summer, last for 3 to 5 months, and the project would open in spring, 1995. The construction project would be valued at approximately $4.9 million. Olson shared a generalized demographics study for the project called Evergreen Manor, with the target market area including Roseville and all surrounding cities. He also had prepared a competition comparison from the target area. A January 6, 1994 statement of qualifications was also distributed. On January 10, 1994 staff ran a listing of properties and market values to determine the additional value and taxes (if tax paying), estimating $136,000 in increment. 1