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Attachment C. Option 2 <br />Page 2 of 2 <br />Development Timing. EdisonÔs timetable for development is subject to market conditions and a <br />market study, which will determine rental rates and absorption. There is a likelihood that Option <br />#1 will allow for a quicker completion schedule for the development, which will bring more units <br />to the market earlier and the benefits to the community. Option #2 will only utilize traditional <br />lenders that will underwrite the absorption of 209 total units into the market. In Option #1, the <br />traditional lenders will be underwriting absorption of 149 market units as that is what they are <br />financing. Because of this, Option #2 will more than likely be phased in over a few years while <br />Option #1 has a better chance of being constructed all at one time. <br /> <br />Leveraging. Option #1 would allow for leveraging of more financing sources such as funding <br />from the federal, state and regional funders. <br /> <br />These are just a few things to consider in looking at the best way to do mixed income developments. <br />Certainly, the most common is Option #1 because of its financing flexibility and also leveraging. We <br />th <br />look forward to making a more in-depth analysis at our concept presentation on April 18. <br /> <br />If there are other items or subjects we should be aware of before the meeting, please do not hesitate to <br />contact us. Thank you for your consideration. <br /> <br />Sincerely, <br /> <br />Jamie Thelen <br />President/CEO <br /> <br /> <br /> <br />