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LETTER OF INTENT -SENIOR LIVING <br />By: Darren Lazan, Development Manager <br />BACKGROUND: <br />The developrent team had been working with several senior living developers who have interest <br />in developing facilities in The COR. <br />In considering locations, the development team has generally sought to locate a senior facility in <br />the center of the project rather than along the rail line as previously contemplated in the <br />Crestview project. We have worked with four groups at various levels of interest and product. <br />We have received a Letter of Intent from one of these groups who wants to purchase a parcel in <br />the 7600 block of Sunwood, between Coborns and the proposed apartment project. <br />In considering this LOI, it is important to understand that there is a legitimate, but limited <br />demand for this product, and committing to this offer will likely preclude any of the other <br />options being presented. <br />DEVELOPMENT TEAM RECOMMENDATION: <br />The Development Team recommends the HRA consider this. product, location, and architecture <br />in determining the level of interest in this transaction. If the HRA concludes these are appropriate <br />to the objectives of this development, direct the development team to prepare contract documents <br />for your review and approval. <br />HRA ACTION: <br />Accept the terms outlined in the proposed agreement and direct he development team to prepare <br />contract documents. <br />ATTACHMENTS: <br />• To be provided in separate package <br />Reviewed by: <br />City Administrator <br />