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#. 3,2 Staff is suggesting that $150,000 be provided to the project for the new access road and shared parking lot area, This would come from a combination of existing infrastructure, housing and possibly park funds. A long term, low interest assessment for grading, ponding, and roadwork is proposed, 3.3 The staff will continue to investigate other sources of financial incentives. 4.0 STAFF RECOMMENDATION 4.1 This proposal is consistent with the James Addition's recommendations for the site and with a reconfiguration of the access road staff believes that the development would provide a reduced traffic impacts to the neighborhood by 50 percent of more.....I.he proposed uses have low volumes of traffic with the exception of the~rQ.-Where traffic comes and goes relatively at the same time (early morning and late afternoon). By reconfiguring the access road, traffic will be directed away from Fry Street and the City can gain needed additional parking for Rosebrook Park with a shared parking arrangement. 4,2 The public investment of $150,000 is a 50 to one private to public investment ratio. The public investment could be recouped within 15 years or less through long term low interest assessments. 4,3 Exchanges of parking and access easements would also be necessary to allow for construction and use of a joint parking area by all three parties, 5.0 SUGGESTED COUNCIL ACTION 5.1 By motion, authorize the City Manager and City Attorney to prepare a development agreement with Sunrise Senior Housing and the Schoening Group to close the gap using a variety of funding sources as outlined in section 3 and the attached term sheet with final agreements to be approved by Council. Attachments: Term Sheet Prepared by: Dennis Welsch 490-2232 Q:\Planning Files\3159_Sunrise Senior Living (James Addn)\Sunrise RCA 120699.doc RCA PF3159 Sunrise 120699 Page 2 of 2