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CASE # <br />CONSIDER DEAL STRUCTURE <br />FLAHERTY AND COLLINS APARTMENT PROJECT <br />By: Darren B. Lazan, Development Manager <br />BACKGROUND: <br />Since October 2009, the development team has been working with Flaherty and Collins on a <br />proposed market rate apartment project. This project has been before the HRA on several <br />occasions to get feedback and direction in negotiating and structuring a deal. <br />Most recently, the HRA approved the proposed deal concept and directed the team to prepare <br />contract documents resolving several issues in detail, and presenting to the HRA for final <br />approval. <br />Under separate attachment, we have provided a deal summary of the current structure for your <br />consideration. Our legal and financial consultants will be in attendance to assist in the <br />presentation and answer any questions the HRA may have. <br />DEVELOPMENT TEAM RECOMMENDATION: <br />The Development Team recommends the HRA consider the proposed deal structure as outlined, <br />provide feedback, and direct staff to complete the contract documents and present at a future <br />meeting for approval and execution. <br />HRA ACTION: <br />Based upon discussion. <br />ATTACHMENTS: <br />• Proposed Deal Structure (under separate attachment) <br />• Preliminary elevation and rendering <br />• Preliminary Site Plan <br />REVIEWED BY: <br />HRA e tive Director <br />HRA: 10.19.10 <br />