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<br /> <br />REQUEST FOR CITY COUNCIL ACTION <br />DATE: 11/22/99 <br />ITEM NO: T-1 <br />De art nt Approval: Agenda Section: <br />~ Re orts <br />It m Description: Redevelopment: Sunrise Assisted Livin~ (James Addition) PF3159 <br /> <br />.- <br /> <br />1.0 BACKGROUND: <br /> <br />1.1 At the November 15, 1999 Council Work Session, City staff and representatives from <br />Sunrise Senior Housing and the Schoening Group presented a redevelopment <br />concept for the four (4) acres north of Oakcrest and east of Snelling Avenue referred <br />to as the James Addition site. <br /> <br />1.2 The site currently includes the Knights of Columbus 12,700 s.f. facility which is leased <br />by several Bingo operators and the 18,000 s.f. Kings Court racquetball facility which <br />is currently vacant. <br /> <br />1.3 The proposal includes the demolition of both uses with construction of <br />approximately 70-units of assisted housing. 19,000 s.f. floor plate and three stories <br />in height and a 10,000 s.f. Childcare facility (see proposed site layout). The City <br />desires to provide additional parking for Rosebrook Park and have developed a plan <br />to provide a new access road to the sites with some shared parking. This proposal <br />is consistent with the James Addition Task Force recommendations. A letter <br />requesting comment has been sent to the residents in the area. <br /> <br />1.4 Based upon over $10 million in new value created by the development of the Sunrise <br />Senior facility and a Childcare center, $200,000 in new taxes annually would be <br />created. <br /> <br />2.0 PROJECT SOURCES/USES SUMMARY <br /> <br />2.1 Attached is a summary of the sources and uses of funds based upon what the <br />developers can pay for the land and what the existing owners are requesting. <br /> <br />2.2 There is an estimated $570,000 gap which includes purchase price gap, demolition & <br />soil correction costs and the construction of a new access road. <br /> <br />3.0 REDEVELOPMENT ASSISTANCE SUMMARY <br /> <br />3.1 To fill the gap staff has reviewed several options with the County and Developers <br />and is suggesting a combination of grant and loan funds. <br /> <br />3.2 Staff is suggesting that $100,000 be provided to the project for the new access road <br />and shared parking lot area. This would come from a combination of existing <br />infrastructure, housing and park funds. <br /> <br />RCA]F3159 Sunrise 1122.99 Page 1 of 3 <br />