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2017_0418_REDA Minutes
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2017_0418_REDA Minutes
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Economic Development Authority
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Minutes
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4/18/2017
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REDA Meeting <br /> Minutes—Tuesday,April 18,2017 <br /> Page 8 <br /> Mr. Krause advised that, as an example, solar car ports were used on the top <br /> floor at the International Airport's red and blue ramps, directly off the elevator, <br /> and as custom-designed with FAA requirements, were serving well. Mr. <br /> Krause advised that the panels were structurally engineered as an integrated kit <br /> for this type of application. <br /> Member Etten asked how this project met the city's TIF policies from their <br /> perspective. <br /> Mr. Thelen advised that they had filled out the full TIF application form and a <br /> full narrative, and reviewed the criteria from the application itself. <br /> For the benefit of the developer, Member Etten advised that in general he <br /> supported the proposal and appreciated their attempts to make connections <br /> within and from the site. While he agreed that the project met most of the TIF <br /> policy criteria, Member Etten noted one exception being Section 4.2.4.d, <br /> questioning if and how the proposal supported workforce housing. Member <br /> Etten also asked that the developer speak to Member McGehee's concerns and <br /> the structural design and units related to the number of bedrooms in each <br /> building and family versus individual units. Member Etten referenced an <br /> email last week about some cost differences if workforce units were spread out <br /> into three buildings; and asked the developer to define a parameter with those <br /> increased costs and impacts to the city or other funders in meeting that gap. <br /> As a design aspect, Mr. Thelen noted affordable designed housing for <br /> workforce family housing was typically a mix of larger 2-3 bedroom units, a <br /> standard for affordable housing definitions; with 75% of those units of 2-3 <br /> bedroom and providing a larger footprint as those units increased. For market <br /> rate units, Mr. Thelen advised that they provided more one-bedroom and studio <br /> units, including corporate suites for rent or for businesses to rent for six <br /> months or less. Mr. Thelen advised that his firm had done a number of those <br /> type of units over the years and typically in their projects didn't provide 3-4 <br /> bedroom units in their projects, but instead would move to twin homes at that <br /> point. As to related cost issues, Mr. Thelen advised that by integrating <br /> affordable and market rate units in a building, it would definitely impact and/or <br /> eliminate some sources, including tax credits that served as a big portion of the <br /> owner equity component. Mr. Thelen reviewed some scenarios to fill in <br /> market rate and supporting loans for mixed-income units based on 209 units; <br /> and potential financing gap and additional need for TIF and longer terms to fill <br /> part of the financial gap. <br /> Commissioner Willmus arrived at approximately 7:25 p.m. <br /> From a design standpoint with similar projects, Mr. Sarver noted that without <br /> more market rate units as proposed, the project wouldn't be able to support the <br /> higher quality amenity package afforded with this site, including those <br />
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