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♦ City substantially subsidizes development to facilitate <br />housing on the site. <br />i <br />ADVANTAGES <br />♦ A workable solution is put in place for City, Kaufhold, and <br />School District. <br />♦ City gains housing and possible park space depending on type <br />of development. <br />DISADVANTAGES <br />♦ City pays high price to Kaufhold and School District for <br />this solution. <br />♦ Neighbors may believe multi -family housing is too dense for <br />area. <br />RECOMMENDATION <br />It would be the staffs recommendation to consider options 1 or <br />2. Under option 1, the City would end up with single family <br />housing on the site as a final result. Under option 2, the City <br />may (after litigation) have the opportunity to develop multi- <br />family housing on this site, however, it could potentially occur <br />at more reasonable land costs. <br />