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2009_0817_Packet
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2009_0817_Packet
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Attachment E <br />Page 2 <br />The first phase of the building would basically be approximately 60% of the east end of <br />the building. This would include all of the common areas needed to support a 95-unit <br />community. This Phase would include 51 of the 95 units, with the remaining 44 units <br />being built in Phase II. We would finish the west end of this first Phase with an attractive <br />roof line and windows so it would appear complete until the second Phase is developed. <br />Seventy percent of 51 units gives us a pre-sale target of 36 homes which we are <br />relatively confident we can achieve. Currently we have 74 reservation holders, and we <br />have historically captured approximately 50% of reservation holders when it comes time <br />to convert to Subscription Agreements and take down payments. We also feel that <br />having Phase I under construction or completed will be a significant help in marketing <br />Phase II. It is certainly quite possible that Phase II will be started prior to the completion <br />of Phase I should things improve and additional buyers commit. <br />The benefits to United Properties and the City are as follows: <br />• The phasing of this project appears to be one of the only practical ways of getting <br />this project started in 2009. <br />• The City will benefit by an increased tax base on the initial 51 units compared to <br />the current vacant land. <br />• The City and Parks and Rec will get the Langton Lake Park access road as a <br />result of this first Phase. <br />• The City and Parks and Rec will receive a Park Dedication Fee on each of the <br />initial 51 units. <br />It is hard to come up with any real "down side" to this approach. Residents in the first <br />Phase really have the biggest issue in potentially having to live through construction of a <br />second phase, but we have discussed ways of compensating them for this <br />inconvenience. It seems to be a good solution for both us and the City. As we move <br />forward, a couple things come to mind. First, I think we would need to replat the parcel <br />that the Cooperative sits on. The new lot line would cut through the building where the <br />two Phases meet. This would allow us to sell the first building (Phase I) to the <br />Cooperative and obtain appropriate financing. We would retain the right via the <br />Cooperative Documents and any agreement with the City to add the second Phase of 44 <br />units when we have achieved acceptable pre-sale levels for that Phase. There would be <br />no Guarantee that the second Phase would ever be built, but the only thing that we <br />would be pre-approved to build as far as the City is concerned would be the second <br />Phase of the project. <br />The replatting may require some setback language. For example, if the parcel is <br />segregated between Phases, basically both Phases are built right up to the lot line given <br />the fact that they are actually connected. We would probably need some sort of <br />language allowing for this if the two Phases are constructed as proposed. Should the <br />second Phase never be built, there could be setback language relative to the demised <br />lot line that would maintain an acceptable distance between Phase I and a future <br />structure should a stand-alone use be proposed. <br />Page 2 of 3 <br />
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