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M E M O R A N D U M <br />DATE: November 23, 1988 <br />1 <br />TO: Steve North AA <br />FROM: Craig A. Waldron <br />SUBJECT: Updat on Concordia site <br />I have now had the opportunity to meet with Steve Wilson and the <br />Neighborhood Association in separate meetings. `fiery_ general <br />areas of a potential compromise are being formulated which entail <br />the following: <br />1. The development would consist of all cluster homes totaling <br />208 units. <br />2. I have pushed the developer to the point of putting in <br />$6,000 per unit vs. the original $4,500. This places <br />Brutgers fair market value at slightly over 1.2 million. <br />3. The City participation would thus be in the range of 2.4 <br />million. <br />4. The debt service is approximately $364,959 on the bond issue <br />and tax increment would provide slightly over $282,000. <br />This reduces the tax payers commitment to the range of <br />$82,000-$85,000 compared to $115,000 in the original <br />proposal. <br />5. The City ends up providing two of the acres that were going <br />to be -dedicated for two cluster homes. <br />The bottom line is that it appears from this very general <br />analysis, that two story cluster homes can be built on the site, <br />and actually result in a reduced commitment on the part of the <br />City. I again em hakze that this is very Preliminary and <br />conceptual, and other.it ms need to fall into place. A meeting <br />is scheduled for December 1 at Concordia with all the interested <br />parties. <br />