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Attachment B <br />#¨³¸ ®¥ 2®²¤µ¨««¤  ­£ 2®²¤µ¨««¤ %¢®­®¬¨¢ $¤µ¤«®¯¬¤­³ !´³§®±¨³¸ <br />#§¤¢ª«¨²³ ¥®± 0´¡«¨¢ &¨­ ­¢¨­¦ #±¨³¤±¨  <br /> <br />7±¨³³¤­ . ±± ³¨µ¤ <br /> <br />Βȁ $¤²¨±¤£ 1´ «¨¥¨¢ ³¨®­² ȨͰΓȁΑ ®¥ 0®«¨¢¸ȩ <br /> <br /> ȩ 0±®©¤¢³² ¯±®µ¨£¨­¦   §¨¦§ ± ³¨® ®¥ ¯±¨µ ³¤ ¨­µ¤²³¬¤­³ ³® #¨³¸ ¯´¡«¨¢ ¨­µ¤²³¬¤­³ ¶¨«« <br />±¤¢¤¨µ¤ ¯±¨®±¨³¸ ¢®­²¨£¤± ³¨®­ȁ 0±¨µ ³¤ ¨­µ¤²³¬¤­³ ¨­¢«´£¤² £¤µ¤«®¯¤± ¢ ²§Ǿ ¦®µ¤±­¬¤­³  ­£ <br />¡ ­ª «® ­²Ǿ ¢®­£´¨³ ¡®­£²Ǿ ³ · ¢±¤£¨³ ¤°´¨³¸Ǿ  ­£ « ­£ ¨¥  «±¤ £¸ ®¶­¤£ ¡¸ ³§¤ £¤µ¤«®¯¤±ȁ <br /> <br /> <br />The current proposed sources of funds for the project have a very high ratio of private <br />investment to City public investment. The requested City investment is approximately 2.9% of total <br />project costs. The anticipated private investment from government/bank loans and owner/tax <br />credit equity equates to approximately 97.01% of total project costs. <br /> <br />¡ȩ 0±®¯®² «² ³§ ³ ²¨¦­¨¥¨¢ ­³«¸ ¨­¢±¤ ²¤ ³§¤  ¬®´­³ ®¥ ¯±®¯¤±³¸ ³ ·¤² ¯ ¨£  ¥³¤± <br />±¤£¤µ¤«®¯¬¤­³ ¶¨«« ±¤¢¤¨µ¤ ¯±¨®±¨³¸ ¢®­²¨£¤± ³¨®­ȁ <br /> <br />The 2017 market value for the site is $1,828,800 with 2016 real estate tax payments in the <br />amount of $66,822. Edison will significantly increase the local tax base when completed. After <br />complete and fully assessed, the estimated market value of the 209 unit development will be <br />$26,970,000 with estimated annual real estate tax payments of $449,980. <br /> <br />0±®¯®² «² ³§ ³ ¤­¢®´± ¦¤ ³§¤ ¥®««®¶¨­¦ ¶¨«« ±¤¢¤¨µ¤ ¯±¨®±¨³¸ ¢®­²¨£¤± ³¨®­ȁ <br /> <br /> As described in prior narratives, the Edison proposal will encourage the following <br />priorities: <br /> <br /> <br />b) provides significant improvement to the surrounding land uses and the <br />neighborhood (spin-off development); <br /> <br />d) promotes multi-family housing investment and meets the following City goals: <br />(ii) demonstration of need for the type of multi-family housing proposed through a <br />$¤³¤±¬¨­¨­¦ !¥¥®±£ ¡«¤ (®´²¨­¦ .¤¤£¤£ <br />market study or other reliable market data ( <br />¨­ ³§¤ 4¶¨­ #¨³¨¤² ΕΓΔΔ ΕΓΕ 2¤¯®±³ <br />); (iii) multi-family workforce housing proposals <br />that include amenities similar to those found in market rate housing (underground <br />parking, large units, in unit washer/dryer, balconies/decks, recreation area, <br />community room, resident storage, leasing office); <br /> <br />©ȩ !££¨³¨®­ ®¥ ²¯¤¢¨¥¨¢ ¯±®©¤¢³ ¤­§ ­¢¤¬¤­³² ¨­¢«´£¨­¦Ǿ ¡´³ ­®³ «¨¬¨³¤£ ³®Ȁ <br /> ±¢§¨³¤¢³´± « ´¯¦± £¤²Ǿ ¯¤£¤²³±¨ ­  ­£ ³± ­²¨³ ¢®­­¤¢³¨®­²Ǿ ¦±¤¤­ ¡´¨«£¨­¦ ¯± ¢³¨¢¤²  ­£ <br />¤­§ ­¢¤£ ²¨³¤ ¯« ­­¨­¦ ¥¤ ³´±¤²ȁ <br /> <br />Pedestrian and Transit Connections. Edison will incorporate a 1,730 lineal foot gravel <br />walking trail around the perimeter of the site that will be open to the public. Connections to the trail <br />for Edison residents will be at various locations throughout the development while trail access for <br />the public will be from two locations along Old Highway 8. <br /> <br />Edison will also create a link from Sandcastle Park with a pedestrian crossing at Old <br />Highway 8 to a newly constructed public sidewalk which will take pedestrians north to the Edison <br />walking trail. This will further link to transit via a new public sidewalk along Old Highway 8 to the <br />Metro transit stops on County Road D. <br /> <br />