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Regular City Council Meeting Monday, February 23, 2015 Page 23 While asked repeatedly what was going on, Ms. Olson noted that GMHC was le- gally constrained in what information they could provide during the appraisal process itself. Ms. Olson expressed disappointment that, now that the appraisal was completed, the City was considering the decision to seek another developer for the project, when GMHC was now ready to move ahead and remained confi- dent the project would be successful, and remained interested in continuing to work together toward that end. In conclusion, if the City Council decided not to move ahead with GMHC, Ms. Olson asked that at a minimum GMHC be reimbursed for their staff time and costs to-date on the project's development process. Ms. Olson asked that their real estate team be provided an opportunity to speak from their perspective in marketing the properties. RE/MAX Realtor Jason Stockwell; 5201 Eden Avenue,#100; Edina,MN Mr. Stockwell briefly reviewed his firm's experience in this type of housing stock and sales history in other metropolitan communities. Mr. Stockwell opined that this development would be perfect for this site, and phasing seemed appropriate with this price point being achieved at comparable or higher prices in other com- munities. Mr. Stockwell stated that as a realtor he did not share City Manager Trudgeon's concern about the long-term development, anticipating that it would be fairly smooth, and barring any market crashes outside the team's control, saw no reason for a delayed construction process. Mr. Stockwell advised that, without any pre-sale efforts and only through information shown on the City's website and Roseville Review articles about the proposed development, they had already received twenty-eight interest inquiries on the units. RE/MAX Realtor Lindsay Bacigalupo Reuter (1600 Hennepin Avenue, Min- neapolis, MN) Ms. Reuter concurred with Mr. Stockwell's analysis, opining that there is a defi- nite current need for this type of housing, based on comparable units being sold in other areas, and based on available market information to support that projection. Ms. Reuter noted that she and the Re/Max team had been chosen by GMHC to market and pre-sell units based on their extensive experience with this type of market. Mr. Stockwell stated that they were seeing a demand for new construction across the board due to pent up demand during the economic downturn. Mr. Stockwell opined that he anticipated actual sales coming in at the team's projected levels, not appraisal values, which he found to be overly conservative. Ms. Reuter concurred, and asked that the City recognize the commitment of GMHC to-date in this process; and stated that none of the team would be here if they didn't believe in the project.