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Concern with not recovering base price of land, or setting the market too low for future land sales. Current basis in <br />land (minimum $2.50 a square foot) is more than the developer is willing to pay at this time. <br />- reductions on City development fees <br />The City practice is not to reduce development fees, but have approved outside funds (e.g., TIF) to pay <br />developemnt fees. <br />Recommendation: <br />Given the fact that it appears this type of development would need a large subsidy at this time, staff would <br />recommend that the developer, with staff assistance, pursue options for loans, grants, and/or tax credits. In <br />addition, when the City reviews the interim Housing Assistance Policy this Fall, re- consideration can be given to <br />the use of TIF and /or tax abatement as it relates specifically to this type of project.. <br />Funding Source: <br />Continue to explore options using existing staff resources. <br />Action: <br />Concensus direction to pursue options for loans, grants, and /or tax credits, and re- consider TIF and /or tax abatement <br />as it relates specifically to this type of project in the final Housing Assistance Plan review this Fall.. <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 08/22/2013 05:53 PM <br />Form Started By: Jo Thieling Started On: 08/22/2013 09:52 AM <br />Final Approval Date: 08/22/2013 <br />