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Regular City Council Meeting Monday, February 23, 2015 Page 28 project last Friday, he had not fully evaluated that option yet, even though he saw no problem with it. Councilmember Etten asked Mr. McNamara what timeframe he foresaw to final- ize the bank's commitment to the first phase of six homes. Mr. McNamara responded that it would remain similar to initial discussions, with the bank committed in general to funding the overall project provided some pre- sale agreement were in place for Phase II at the appropriate time; and the bank committed to proceed with Phase I without any pre-sales to prime the market. Mr. McNamara noted that for Phase II, the bank would want to see three of the six units committed to, but reminded the City Council that they'd know that prior to moving forward, and GMHC and Western would return with more details at the discretion of the City Council. Mr. McNamara advised that submittals by GMHC to Western on specificity or guidelines was nearing completion for each phase and subsequent bank approval; and within 2-4 weeks he anticipated the remaining items could be worked through to approve concepts for Phases II and III. Councilmember Etten questioned GMHC if the 18 home proposal would involve the same unit designs or if they would vary some. Mr. Buelow responded that they would be similar, with some units smaller or having different options as they responded to comments from buyers, but in gen- eral start with the same concept. At the request of Councilmember Etten, Mr. Buelow confirmed that there would still be a master association for the properties. Specific to phasing, Mayor Roe noted that talk had revolved around the 18 unit single level proposal; and asked what variation there was from the original 25 unit proposal with different types of housing stock; and how that played out for the bank's commitment since there appeared to be two different approached. Ms. Olson noted that GMHC planned to pre-sell the single family units as the townhomes were being built. Mr. McNamara responded that the challenge was that there was considerable dif- ference in site improvements with the alley concept for the first proposal; and GMHC and the City would need to make that decision quickly on which project was intended, noting a considerable amount of the site work and cost structure on Phases II and III were involved in Phase I of the first proposal. At the request of Mayor Roe, Mr. McNamara noted that the original project ini- tially contemplated six townhomes and four single-family homes as Phase I, with other housing types for the remaining phases. If the decision was to continue with