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Regular City Council Meeting Monday, February 23, 2015 Page 16 with future conditions, again human nature supporting traveling in the path of least resistance. b. Update on the Owasso School Site Development Community Development Director Paul Bilotta provided preliminary information on the status of this project and negotiations to-date by the School District with United Properties. Mr. Bilotta introduced United Properties President Bryan Car- ey, School Board Consultant John Shardlow with Stantec, and noted that School Superintendent Dr. John Thein was also in tonight's audience. Mi. Bilotta briefly reviewed the background of this development proposal, and unique situation with the School District owing and the City wishing to negotiate purchase of the adja- cent ballfields. While not yet in contract negotiations, Mr. Bilotta suggested the City Council may wish to set up a subcommittee going forward in the near future for initial negotiations. Mr. Shardlow reviewed the process to-date from the School Board's perspective, and developers contacted but ultimately indicating they were unable to make market rate housing units work on that site, and alternative products considered for the site prior to settling on United Properties for the current proposal. Bryan Carey,United Properties Mr. Carey reviewed current plans for another development at a site adjacent to Lexington Avenue and Woodhill Drive called Cherrywood Pointe, with plans to break ground later this summer. During discussions about that project, Mr. Carey advised that City Manager Trudgeon had suggested that United also look at the School District site, and after meeting with Community Development and HRA staff, they made it clear that the City had strong interest in keeping the ball fields. While the City expressed their interest in United exploring market rate apar intents and affordable senior apartments, Mr. Carey advised that to build affordable sen- ior housing it would require significant subsidies greater than the 4% tax credit available or TIF. Mr. Carey advised that originally they had thought it was a win- win solution to take TIF from the Cherrywood project and allocate it to the af- fordable apartments, he noted that upon further review it was decided not to pur- sue that option, and reviewed some of the reasons that decision was ultimately made. After further review, Mr. Carey advised that other options were considered that also fell short or were not economically viable even with TIF applied to the site, resulting the current proposal consistent with their past developments at Apple- wood Pointe for a senior cooperative that had sold out early in its planning stages or completion. Mr. Carey expressed their confidence in this housing option at this site, and continued success of such options in surrounding communities and other areas in the metropolitan area. Mr. Carey advised that United planned a survey of area residents for their interest in the near future.